DBS to buy Societe Generale’s private banking business
(18 March 2014 – Singapore) DBS Group Holdings, Southeast Asia’s biggest bank has agreed to buy Societe Generale’s Asian private banking business for US$220 million (A$243 million), according to Bloomberg.
The transaction will help build DBS’ wealth management operations in the region.
Singapore-based DBS said in a statement on Monday that the transaction includes “selected parts” of the French bank’s trust business.
It represents about 1.75 percent of the US$12.6 billion in assets managed by Societe Generale Private Banking Asia as of 31 December, 2013, according to the statement.
The deal will spur DBS’s goal of becoming a leading wealth manager in Asia, increasing its high-net-worth assets under management by more than 20 percent, the Singapore lender said. DBS will fund the transaction with cash and it’s not expected to have an impact on capital or earnings, it said.
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