JAKARTA (TheInsiderStories)PT Bank DBS Indonesia has completed the acquisition process of retail business and wealth management unit of PT Bank ANZ Indonesia. The process began in October 2016, where DBS revealed its plan to acquire retail and wealth management of ANZ in Singapore, Hong Kong, China, Taiwan and Indonesia.

The Indonesian retail and wealth management unit was the fifth acquisition made by Singapore’s DBS following China (17/07), Singapore (07/08), Hong Kong (11/11) and Taiwan (11/12).

Paulus Sutisna, President Director DBS Bank Indonesia said, 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.