Singapore-based DBS Bank has completed the previously announced acquisition of ANZ’s wealth management and retail banking business in five Asian markets.

The Singaporean lender agreed to acquire ANZ’s wealth management and retail banking operations in Singapore, Hong Kong, Mainland China, Taiwan and Indonesia for S$110m in October 2016.

The migration of businesses from ANZ to DBS began in July 2017. The last part of the migration was successfully completed in Indonesia in the beginning of this month, with ANZ transferring its portfolio to DBS.

As a result of successful migration, nearly 90% of deposits, assets under management and loans from ANZ were transferred to DBS.

As at 31 December 2017, DBS’ total wealth assets under management stood at S$206bn, with S$18bn coming from ANZ.

Over 90% of ANZ employees in these five markets have been absorbed by DBS.

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In Indonesia, DBS has added approximately 370,000 customers. Additionally, the cards portfolio being transferred over to DBS Indonesia is also significant, with around 600,000 cards in circulation. In Taiwan, DBS gained about 520,000 customers.

DBS group head of consumer banking and wealth management Tan Su Shan said: “This acquisition takes our business to the next level and gives us access to a sizable number of new customers, especially in our key markets like Indonesia and Taiwan.

“It also gives ANZ’s wealth customers access to more tailored solutions and a full suite of universal banking products supported by Asian insights, research and investment advice. Customers will also stand to benefit from our commitment to digital innovation and service excellence.”