Singapore-headquartered DBS Group, which has a large wealth management business, is in “advanced” discussions to buy the Asian private bank of Societe Generale, a report says.

Singapore-headquartered DBS Group, which has a large wealth management business, is in “advanced” discussions to buy the Asian private bank of Societe Generale, according to the Straits Times (of Singapore), citing unnamed sources.

DBS declined to comment to this publication when contacted about the matter; SocGen also declined to comment.

This is not the first time that DBS’s name has been mentioned in media reports as being among the main bidders for this business. On previous occasions when its name has come up, DBS has declined to comment.

Such a deal, if it is done, would add around $13 billion of assets to DBS, raising the latter’s profile in a region increasingly feeling the pressures of heightened competition and rising costs.

Other banks that have been mentioned in press speculation about a suitor for the SocGen bank are ABN AMRO and Credit Suisse; these banks have declined to comment.

The Straits Times cited a DBS spokeswoman as reiterating that the bank is determined to boost wealth management as a strategic goal.