DBS Bank has agreed to buy Australia and New Zealand Banking Group’s (ANZ) retail banking and wealth management business in five Asian markets for nearly SGD110m.

Under the deal, DBS will acquire ANZ’s business in Singapore, Hong Kong, China, Taiwan and Indonesia that held total deposits of SGD17bn, loans of SGD11bn, investment assets under management (AUM) of SGD6.5bn and total revenue of SGD825m for FY2016.

The transaction will enable rapid scale-up of digital strategy in Indonesia and Taiwan.

The acquisition of ANZ business will add SGD 23bn of wealth AUM to DBS books, taking total wealth AUM to SGD182bn.

With this deal, DBS will add nearly 410,000 clients in Indonesia, effectively increasing its base by six times. In Taiwan, DBS will add approximately 530,000 clients, expanding its base by 2.5 times.

DBS group head of consumer banking & wealth management Tan Su Shan said: “Over the years, DBS has made significant strides in the wealth business, and recently became the first Singapore and Asian bank to break into the top five private banks in Asia-Pacific. This acquisition will further cement our leadership position.

“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. At the same time, the transaction provides us with a significant consumer platform in Indonesia and Taiwan that will enable us to more quickly build out our digital agenda.”

ANZ Group CEO of Asia Retail and Wealth David Hisco said: “Having built up a strong retail banking and wealth management franchise in Asia over the years, it was important for us to find a buyer that could take the business to the next level for customers.

“DBS is the best choice – its Singapore pedigree, strong Asian footprint, commitment to Asia and financial strength were key for us. This transaction represents a great opportunity for our customers and the majority of our staff in the region to fully benefit from a progressive and dynamic bank.”

The deal is subject to regulatory approvals, and expected to be completed in all markets by early 2018.