Media Centre

Retail and Wealth: Singapore

Key announcement materials

Useful links for customers

Key information

  • On Monday 31 October 2016, we announced that we have entered into an agreement with DBS Bank Limited (DBS) where DBS will acquire ANZ's Retail and Wealth business in Singapore, Hong Kong, China, Taiwan and Indonesia.
  • The sale will enable us to focus our business in Asia on Institutional Banking where we are ranked a top four corporate bank with a significant presence in 15 countries in the region.
  • We can confirm that the transfer of the Singapore Retail and Wealth business has been approved by the Singapore High Court and will take effect from Saturday, 5 August 2017, subject to the successful migration between ANZ and DBS
  • ANZ Retail and Wealth customers in Singapore will be receiving confirmation of the transfer in writing. The letter provides further information on what you can expect from ANZ and DBS leading up to the transfer.
  • If you have any queries, please do not hesitate to speak with any of our branch staff or call our 24-hour Personal Banking hotline at 1800 269 2269 or +65 6269 2269 (If overseas).

Frequently Asked Questions

  1. When will my accounts move to DBS?

    We are pleased to let you know that the transfer has been approved by the Singapore Court and will take effect from Saturday, 5 August 2017, subject to the successful migration between ANZ and DBS. From this time, any financial products, accounts and credit facilities you hold with ANZ will be transferred to DBS and you will become a customer of DBS. DBS products and services that will replace ANZ banking services, will be made available for your use in stages after the transfer date.

    For information on your future products and services with DBS and detailed information about what you can expect upon transfer, please visit dbs.com.sg/anzwelcome

  2. How does the sale impact my banking with ANZ?

    From the transfer date, you will become a customer of DBS and any financial products, accounts and credit facilities you hold with ANZ will be transferred to DBS. DBS products and services that will replace your ANZ products and services, will be made available for your use in stages after the transfer date.
    Your existing ANZ product(s) will be mapped to corresponding DBS products with the most similar features and structures, and the terms and conditions set out by DBS will apply accordingly.

  3. Do I need to do anything to move my bank account to DBS?

    All your financial products, accounts and credit facilities that are in place or outstanding with ANZ immediately prior to the transfer date will be migrated to DBS.

    To minimise disruption to your banking services, please take note of the following:

    1. Access to your banking over the Transfer weekend:

      1. Please ensure you make arrangements, including:

        • Using alternative cards or payment methods, where available, for transactions (i.e. taxis, online shopping, everyday expenses)
        • Withdrawing adequate cash prior to the Transfer weekend

        Note: if you are an existing DBS/POSB customer, you may use your existing DBS/POSB Debit/ATM card to withdraw cash during this period as normal.

      2. ANZ Branches will remain open as normal on Friday, 4 August 2017. From 6:00pm onwards, ANZ’s services will be affected as a result of the transfer. Please refer to Table 1 (Link at top of page) for more information.

    2. Contact details: Please ensure your contact details are up to date with ANZ, and with DBS if you are an existing DBS customer, so you are able to receive all future communications regarding the transfer.

    3. Payments and transfers: Some types of standing instructions (e.g. GIRO and direct debits) will be transferred to DBS. Some will need to be re-established after the transfer and we recommend you record your list of payees now to assist you in this process. Please refer to Table 2 (Link at top of page) for further details.

    4. Rewards redemptions: All unused ANZ Rewards Points/Travel$/Optimum$ will be transferredto your existing or new DBS/POSB credit card for redemption. ANZ Rewards Redemptions will cease prior to the transfer date as outlined below:
      1. 17 July 2017 – All Rewards redemptions excluding KrisFlyer Miles and Cash Credits
      2. 24 July 2017 – KrisFlyer Miles and Cash Credits redemptions

  4. When will I find out more?

    You will receive a letter from ANZ confirming the transfer and providing further information on what you can expect from ANZ and DBS leading up to the transfer. 

    The letter provides detail on:
    • important information about the transfer weekend
    • actions you need to take before the transfer
    • any changes to your banking terms and conditions

    From early July, DBS will be sending out new ATM, debit and credit cards, PIN numbers and DBS Cashline chequebooks that will, after the transfer, replace the existing ones you may hold with ANZ. DBS will provide information on how to activate your new cards and when you can start using them after the transfer is complete. If DBS expects you to receive these after the transfer date, they will notify you in writing before the transfer.

    Once the transfer is complete, you will receive a DBS welcome letter and details on your new banking relationship with DBS. Full details on DBS products and features are available at dbs.com.sg/anzwelcome .

  5. Will there be disruptions to my banking with ANZ before the transfer?
    ANZ Branches will remain open as normal on Friday, 4 August 2017. From 6:00pm onwards, ANZ’s services will be affected as a result of the transfer. Please refer to Table 1 (Link at top of page) for more information on service availability. Please ensure you make arrangements, including
    1. Using alternative cards or payment methods, where available, for transactions (i.e. taxis, online shopping, everyday expenses)
    2. Withdrawing adequate cash prior to the Transfer weekend

    Note: if you are an existing DBS/POSB customer, you may use your existing DBS/POSB Debit/ATM card to withdraw cash during this period as normal.

  6. As an ANZ customer can I now access DBS products and services?
    As an ANZ customer, you do not have access to any DBS products or services beyond any arrangements you may already have with them, until the transfer has taken place.

    You should continue to use ANZ branches, ATMs, products and services up until the transfer weekend.

    From Saturday, 5 August 2017 you will become a customer of DBS. DBS will provide information on your new products and services, how to activate your products and when you can start using them soon after the transfer. 

  7. If I am already a DBS customer, what will happen to my ANZ accounts?

    All ANZ customers will have new accounts set up at DBS. Your existing ANZ product(s) will be mapped to corresponding DBS products with the most similar features and structures, and new terms and conditions set out by DBS will apply accordingly. Your ANZ account(s) will be closed upon transfer to DBS.

    Any accounts you already hold with DBS prior to the transition will not be affected as a result of this change.

  8. What will happen to deposit insurance for my SGD deposits in ANZ that are being transferred to DBS?

    ANZ SGD Deposits being transferred to DBS will still be insured up to $50,000 for a year from the transfer date.

    For example: a customer that has $60,000 with ANZ and $30,000 with DBS prior to the transfer date would be insured for a total of $80,000 ($50,000 from ANZ + $30,000 from DBS). After the transfer date, the customer would continue to be insured for a total of $80,000 during the additional one-year cover period.

    *SDIC (Singapore Deposit Insurance Corporation) administers the Deposit Insurance Scheme, where a depositor of a member bank or finance firm is automatically insured up to an aggregate of $50,000 for each person depositor per scheme member. The total protection amount depends on the depositor's balances with the respective scheme members as at the transfer date.

  9. Am I required to give consent for the transfer of my products?

    The transfer of the ANZ Retail and Wealth business in Singapore is effected through the Scheme of Transfer approved by the High Court of Singapore. Under this Scheme, your banking relationship with ANZ will be transferred to DBS and there is no consent required from you. ANZ will contact customers to obtain their consent if required for certain products or contracts.

  10. How will my accounts be transferred to DBS?

    Your ANZ accounts will be mapped to corresponding products at DBS. You will be given more information on your new accounts with DBS, including the terms and conditions, closer to the date of transfer.

    More information about DBS products and services is available at: dbs.com.sg/anzwelcome.

  11. Will my account number change?

    Yes, you will be given a new account number and DBS will advise you of your new account details as part of the transfer. Your ANZ account will be closed upon transfer to DBS.

    After the transfer and once you have successfully activated your DBS products, and confirmed that you have no further need for your ANZ cards such as for booking validations or any other reason, please securely dispose of your ANZ cards, ANZ digital banking token, and ANZ chequebook (please note that ANZ cheques issued after the transfer date will not be processed).

  12. Can I access ANZ internet banking after the date of transfer to DBS?

    Upon transfer to DBS, ANZ Digital Banking will cease and you will no longer be able to log in. DBS will provide you with more information on how to access DBS’ suite of digital services closer to the date of transfer. 

    In the meantime, you can continue to access your ANZ Digital Banking as usual. We will notify you of any changes to this service.

  13. Do I need to pay off my loans or outstanding balances prior to transfer to DBS?
  14. You do not need to close off any loans or outstanding balances as part of this transfer process. Any outstanding balances on your existing loans or credit facilities with ANZ will be transferred to DBS.

    In the meantime, you should continue to make payments to your ANZ loan, credit card or other payments as usual. After the transfer date, you can make payments towards your new DBS/POSB loan, credit card or other payments via DBS channels. 

  15. I have a Relationship Manager at ANZ and DBS, who will manage my accounts on transfer to DBS?

    Your ANZ Relationship Manager will continue to manage your accounts before the transfer. Once your accounts are transferred to DBS, DBS will notify you of the Relationship Manager assigned to support you.

    For Signature Priority customers and Private Wealth customers, many of you can look forward to having your existing Relationship Manager continue to manage your account at DBS.

  16. If I have existing relationships with ANZ in more than one country, will my accounts across all jurisdictions be moved together to DBS?

    ANZ has entered into an agreement with DBS Bank Limited (DBS) where DBS will acquire ANZ's Retail and Wealth business in Singapore, Hong Kong, Taiwan, China and Indonesia.

    The transition will take place in a phased approach. If you have an account in another jurisdiction, you will be notified of the date of transfer and any relevant impacts or actions required by you in that country.

  17. Will all my existing DDA & GIRO Standing Instructions (SI) be transferred over to my new account in DBS?

    Some types of standing instructions (e.g. GIRO and direct debits) will be transferred to DBS. Some will need to be re-established after the transfer and we recommend you record your list of payees now to assist you in this process. Please refer to Table 2 (Link at top of page) for further details on standing instructions.

  18. I have setup recurring payments via ANZ Digital Banking, what will happen to my Standing Instructions?

    All standing instructions setup via ANZ Digital Banking will cease on the transfer date. You will have to set up this arrangement via DBS digital banking after the transfer date. 

  19. I have issued a few cheques from my ANZ account. Will these cheques be returned when they are banked in for deposit?

    ANZ cheques issued from individual accounts before the transfer date will remain valid, subject to the cheque validity dates.  Those that are issued on or after the transfer date will no longer be valid.

  20. I have recurring FAST transfers being credited into my ANZ account. Will I still receive the incoming FAST payment after the transfer date?

    No. FAST transactions will not be supported from the transfer date. Please share your new DBS account details with the sender.

  21. Will I earn ANZ Rewards Points/Travel$/Optimum$ or DBS Rewards Points for transactions made on my ANZ credit card before transfer date, but posted after transfer date?

    Transactions made on ANZ card before the transfer date but posted to DBS card on or after transfer date will earn DBS Rewards Points.

  22. Till when do I continue to make payment for my ANZ credit card?
  23. Please continue to make payments towards your ANZ credit card before 5 August 2017. After 5 August 2017 you can make payments towards your DBS/POSB credit cards. Please note that payments towards your ANZ account via AXS and SAM will be accepted up until 19:30, Wednesday 2 August 2017.

  24. Which DBS segment will ANZ clients be integrated into?

    Please refer to the following table for more information:

    If you are an ANZ customer in the following segments:

    You will be migrated to the following DBS segment:

    With these terms and conditions 1

    Personal Banking

    Retail

    DBS terms and conditions.

    Personal Banking (with Investment holdings)

    Signature Priority  Banking

    Treasures

    Private Bank

    Treasures Private Client / Private Bank

    Generally, DBS’ processes and relevant terms and conditions will apply to your banking relationship and to your account(s) that are transferred to DBS, except for the dual-currency mortgages (DCM) product, which will continue to be governed generally by the existing terms and conditions 2.  

    For information on your future products and services with DBS and detailed information about what you can expect upon transfer, please visit dbs.com.sg/anzwelcome

  1. DBS may, from time to time after the Effective Time and in accordance with the amendment provisions set out in the relevant terms and conditions, make further amendments to the terms and conditions
  2. Please note that there will be certain changes to the fees and interest amounts and computation.   These are more particularly set out at dbs.com.sg/anzwelcome.

     

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