31 Oct '16, 8am

Singapore's DBS bulks up in Asia with ANZ's retail and wealth units

Singapore's DBS bulks up in Asia with ANZ's retail and wealth units

Singapore 's largest bank, DBS Group , is buying ANZ 's retail banking and wealth management units in five Asian countries, in a bid to consolidate its presence in Asia. The Singapore bank will pay 110 million Singapore dollars ($79.06 million) above book value for the portfolios in Singapore, Hong Kong , China , Taiwan and Indonesia , giving it access to about 1.3 million customers, including more than 100,000 private wealth clients. DBS CEO Piyush Gupta called the deal "reasonable-sized" and hinted that it played to DBS' strengths. Speaking to CNBC's "Capital Connection " on Monday, Gupta acknowledged the deal would open the bank up to a sizable group of customers in the mass affluent space. "We are a good mass affluent player and we can integrate [them] into our own business at minimal marginal cost," he said. "Mass affluent" refers to clients who are considered to be a...

Full article: http://www.cnbc.com/2016/10/31/singapore-lender-dbs-buys-...

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