DBS Bank, one of Singapore’s three major lenders, has agreed to acquire the Asian private banking business of Societe Generale for US$220 million, Xinhua news agency reported Monday. The purchase includes Societe Generale’s private banking business in Singapore and Hong Kong as well as selected parts of the French bank’s trust business. The deal accounts for 1.75 percent of Societe Generale Private Banking Asia’s assets under management of US$12.6 billion as of the end of last year, the report said. DBS Bank managed about S$69 billion (US$54.5 billion) of funds belonging to high net worth individuals as of 2013. The deal is expected to be completed in the last quarter of 2014, subject to legal and regulatory approvals, the report said.
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