31 Oct '16, 5am

Singapore's DBS pounces on ANZ assets to extend Asia private banking push

SYDNEY/SINGAPORE - DBS Group plans to buy Australia and New Zealand Banking Group's wealth and retail businesses in five Asian markets - part of a big private banking push for the Singapore lender and the first significant retreat from Asia for ANZ. The businesses in Singapore, Hong Kong, China, Taiwan and Indonesia, will be sold for around S$110 million ($80 million), in a deal that underscores how smaller players in private banking are being squeezed out due to lack of scale. Where ANZ said it would have needed to invest further in branches and digital capacity to build up those businesses, Singapore's biggest lender noted it already had the advantage of existing infrastructure in those markets and would not have to deploy much capital. "Further investments do not make sense for us given our competitive position and the returns available to ANZ," said Shayne Elliott, chi...

Full article: http://news.abs-cbn.com/business/10/31/16/singapores-dbs-...

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