DBS completes purchase of SocGen unit
DBS Bank has completed its purchase of the Asian private-banking business of Societe Generale in Singapore and Hong Kong, as well as parts of its trust business.
The group noted that DBS Private Bank and Societe Generale Private Banking Asia are highly complementary in terms of clients, geographical coverage as well as product and service offerings.
The completion of the acquisition significantly increases the scale of DBS' wealth-management business and strengthens the bank's position as a leading wealth manager in Asia, DBS said in a news release yesterday.
With the successful acquisition of Societe Generale Private Banking Asia's business, DBS' high-net-worth assets under management - those of high-net-worth individuals with more than $1.5 million each in investible assets - now amount to $88 billion.
Assets under management for all wealth customers - including customers from DBS Treasures, DBS Treasures Private Client and DBS Private Bank - stand at $129 billion.
DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements. This will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia, while DBS clients may benefit from Societe Generale Private Banking's offerings in Europe as well as gain access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Most of Societe Generale Private Banking Asia's employees, including management and relationship managers, will be moving over to DBS.
THE BUSINESS TIMES