The lender has completed the migration of the wealth and retail banking businesses of ANZ in Singapore.

DBS, which last week reported second-quarter financial results, has completed the migration of ANZ’s wealth management and retail banking business in Singapore. The addition of ANZ’s businesses comes more than three years after it bought the Asian private banking arm of France’s Societe Generale in another example of wealth M&A.

The migration in Singapore was conducted over the weekend of 5-6 August and was the second market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS. The first market to complete the migration was China in July. The transaction remains on track for full completion in all remaining markets by early 2018. DBS has agreed to buy the Asian retail and wealth businesses of ANZ in five markets: Singapore, Hong Kong, China, Taiwan and Indonesia.

“This migration will further cement our leadership position in Singapore. 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,” Tan Su Shan, group head of consumer banking and wealth management of DBS, said.

The DBS/ANZ deal has been among the latest in flurry of acquisitions in the region’s wealth management arena, as some non-Asia banks, such as Barclays, ABN AMRO and Societe Generale have sold businesses that were not seen as reaching sufficient scale to be profitable.