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ANZ Retail Wealth Asia

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Key Information

  • Over the past six months, we have been doing a strategic review of our Asia Retail and Wealth business to see how we could improve it for our customers.

  • Our review found that to make a real difference for our Asia Retail and Wealth customers and to expand the business, ANZ would need to significantly increase its investment in its branch network and digital capability.

  • Given our competitive position, the significant improvements made by Asian retail banks in recent years and the returns available to ANZ, on Monday 31 October, we announced we will be selling our retail and wealth business in Singapore, Hong Kong, China, Taiwan and Indonesia to the DBS Bank Limited (DBS). This will enable us to focus our presence in Asia on our Institutional business.

  • This is not a decision we have made lightly but we are confident DBS will be able to lift the Retail and Wealth business to the next level for our customers.

  • This transaction with DBS represents a great opportunity for our customers to benefit from a progressive and dynamic retail and wealth bank that has great expansion plans.

  • DBS has been involved in banking in the region since 1968 with staff across 18 countries in Asia. DBS was named the region's safest bank by Global Finance.

  • The agreement with DBS is subject to regulatory approval and we expect this to be completed during 2017 and early 2018.

Frequently asked questions

Why has ANZ sold its Asia Retail and Wealth business?

Over recent months, we have looked carefully at our Retail and Wealth business in Asia to see how we could continue to build a truly world class bank for our customers.

What our strategic review found was that to make a real difference for our Asia Retail and Wealth customers, ANZ would need to significantly increase its investment in its branch network and digital capability.

After considering the various investment priorities ANZ has across its portfolio of businesses, we felt the retail opportunity could be better and more efficiently delivered by a larger local player that already has scale in the region.

It was important to us to find a buyer that would benefit our customers, that's why we're pleased for our customers that we're able to sell the business to DBS, a progressive and dynamic company with a strong footprint across the region.

We're confident DBS will be able to lift ANZ's Asia Retail and Wealth business to the next level for our Retail and Wealth customers.

I'm an ANZ customer, why would I want to bank with DBS?

You may be familiar with DBS; they've been involved in banking in the region since 1968 with more than 21,000 staff across 18 countries in Asia.

We are pleased for our Asia Retail and Wealth customers that we are able to sell the business to DBS, a company that has financial strength and has its roots firmly in Asia.

We are confident DBS, who are already considered the safest bank in Asia, will be able to lift ANZ's Asia Retail and Wealth business to the next level through their strong digital offering and footprint across the region.

How will this impact my banking?

This has no immediate impact on you or the way we do business together. Nothing about your relationship with ANZ will change in the near future; you'll get the same retail and wealth management services.

Rest assured that we will keep you informed, and we will be in touch to let you know what will be happening and if anything needs to change.

When the sale is completed, you will gain access to DBS's extensive network across 18 markets. DBS is also well known for its innovative digital offerings and was recently named the World's Best Digital Bank by Euromoney magazine.

Do I need to move my bank account to DBS?

Not immediately. The transaction will be formally completed during 2017 and early 2018. If there are any actions you need to take, we will be in contact.

What if I do not want to move my banking to DBS?

We believe DBS is ideally placed to lift service for our ANZ's Retail and Wealth businesses to the next level, with its large and growing network in Asia and we will be encouraging our customers to transfer from ANZ to DBS as part of the transaction.

There is no immediate impact on your banking relationship with ANZ.  For the time being nothing will change; you will continue to use ANZ branches, ATMs, products and services. We will be in contact with you if anything needs to change.

What will happen to my existing ANZ loan, credit card, loyalty program points etc.?

There will be no immediate changes to your banking relationship with us, your existing terms and conditions, repayments, interest rates, fees & charges as well as benefits will continue to apply until further notice.

We'll be in touch if there any changes to your banking in the long term.

What happens if I'm waiting for an application to be approved, or I'm in the process of renewing a product (i.e. term deposit)?

There are no immediate changes to our product and service offering, all your new applications will be progressed according to existing terms and conditions.

You can continue banking normally with ANZ and enjoy expert retail and wealth management solutions together with exceptional and personalised service.

We'll be in touch if there any changes to your banking in the long term.

As an ANZ customer can I now access DBS products and services?

For the time being nothing will change, you will still continue to be able to use ANZ branches, ATMs, products and services.

It's important to note until ANZ has finalised the sale of its Asia Retail and Wealth business to DBS, you will not have access to any DBS products or services beyond any pre-existing arrangements.

If I'm an Institutional customer, what does this mean for me?

The sale doesn't involve our Institutional business.

ANZ is committed to our Institutional business in Asia where we are already a top four corporate bank with a strong competitive position supporting our clients, driven by trade and capital flows in the region.

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