Singapore's largest bank, DBS, is buying the retail and wealth management business of Australia's ANZ in five Asian markets.
The acquisition of portfolios in Singapore, Hong Kong, China, Taiwan and Indonesia will add 23 billion Singapore dollars ($17 billion) from 1.3 million customers to DBS's wealth assets under management.
After the deal, DBS says it will have 182 billion Singapore dollars of wealth assets, of which nearly two-thirds will come from high-net-worth investors.
Tan Su Shan, group head of consumer banking and wealth management, says the "significant consumer platform" acquired in Indonesia and Taiwan will help the firm expand its digital services.
"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," she says.
ANZ says it is selling the units because it could not justify the investment in its branch network and digital capability required to make the businesses competitive.
In a statement, the bank says "we felt the retail opportunity could be better and more efficiently delivered by a larger local player that already has scale in the region".
ANZ will maintain a presence in Asia by providing institutional banking only.
DBS agreed to pay roughly 110 million Singapore dollars above book value for the ANZ businesses.
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