DBS seeks to tap US$289b in Indonesian wealth

Singapore

DBS Group Holdings Ltd, South-east Asia's largest lender, is focusing on expanding its wealth business in Indonesia, where a tax amnesty has prompted rich citizens to declare billions of dollars that are now being targeted by private banks.

The acquisition of some Australia & New Zealand Banking Group businesses in Asia will boost DBS's Indonesian retail and wealth customer base by about six times, according to Tan Su Shan, the Singaporean lender's head of consumer banking and wealth management.