PT Bank DBS Indonesia has completed the acquisition process of retail business and wealth management unit of PT Bank ANZ Indonesia. According to the bank’s statement, the acquisition has caused its assets under management (AUM) and loans to balloon to US$206 billion, with $18 billion coming from ANZ. The acquisition has added a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank. In Indonesia, DBS gained about 370,000 customers. The cards portfolio being transferred over to DBS Indonesia is also significant, with around 600,000 cards in circulation.
