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DBS snaps up ANZ’s Asia wealth and retail businesses

Following months of speculation, ANZ today confirmed that it will sell its retail and wealth business in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS. The Singaporean major will pay approximately S$110 million above book value, while ANZ faces a net loss of around S$265 million. The business to be sold accounted for approximately S$825 million in revenue and net profit of…

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