Saturday, 18 Augst 2018 | 07:45 WIB

DBS Finalizes Takeover of ANZ Indonesia’s Retail & Wealth Management Business

DBS finalizes takeover of Retail and Wealth Management business from ANZ Indonesia.

JAKARTA, NNC - PT Bank DBS Indonesia has completely taken over the Retail and Wealth Management business of PT Bank ANZ Indonesia. This also marks the successful overall takeover of the five markets.

Since October 2016, DBS has announced the acquisition of ANZ's Retail and Wealth Management business on markets in Singapore, Hong Kong, China, Taiwan and Indonesia. Since then, DBS and ANZ have collaborated together to ensure the smoothness of each stage of the takeover process.

The takeover of ANZ's Retail and Wealth Management business in Indonesia was conducted on February 10-11, 2018 and is the fifth and final takeover of ANZ's portfolio of business transactions that has been transferred to DBS.

The first market completed in the takeover is China on July 17, 2017, followed by Singapore on August 7, 2017, Hong Kong on September 11, 2017, and Taiwan on December 11, 2017.

"This acquisition will further strengthen our bank position in Indonesia. Successful integration is critical as we welcome the addition of customers and employees to the retail and wealth management business in Indonesia," said Paulus Sutisna, President Director of Bank DBS Indonesia, in a press release, Monday (2/12/2018).

Wawan Salum, Managing Director and Head of Consumer Banking Group and Wealth Management of Bank DBS Indonesia, said the acquisition allows the company to further improve its position in the private banking sector and track record in credit card business in the Indonesian market.

"This occurs due to the success of our highly integrated wealth management business, with experienced and talented employees, customer services, and various credit card program offerings," he concluded.