By: Tsai Yi-chu and Frances Huang
Taipei, Nov. 8 (CNA) Singapore-based DBS Bank said on Tuesday that it expects the purchase of part of Australia and New Zealand Banking Group (ANZ) assets in Taiwan to be completed in the third quarter of 2017 at the latest.
Jerry Chen (陳承亮), head of DBS Taiwan, said that the bank is scheduled to file an application with the Financial Supervisory Commission (FSC) in December to seek approval for the deal and hopes the transaction will be completed in the third quarter of next year.
Last week, DBS announced it would acquire ANZ’s retail banking and wealth management businesses in Taiwan, Singapore, Hong Kong, China and Indonesia for about 110 million Singapore dollars (US$79.14 million).
While ANZ decided to dispose of its retail banking and wealth management assets in Taiwan, the banking group said that its corporate banking remains operational in the country and it has no plans to withdraw from the Taiwan market. [FULL STORY]