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DBS Talking To Societe Generale About A Bid For Coutts International - Report

Tom Burroughes Group Editor 22 December 2014

DBS Talking To Societe Generale About A Bid For Coutts International - Report

DBS and Societe Generale are in talks to buy Coutts International, a news repoort said.

Singapore-listed DBS Group is in talks with Societe Generale, the French bank, in its bid for the international private banking arm of Royal Bank of Scotland, according to Bloomberg, citing unnamed sources.

As previously reported, DBS is among at least 10 banks that have been invited to consider bids for Coutts International. The unnamed sources said the bid with Societe Generale would, if it succeeded, see DBS take over Coutts International’s Asian operations and Societe Generale would take over the other operations. In March this year, DBS bought the Asian private bank of Societe Generale.

DBS completed its SocGen deal in October.

DBS and Societe Generale declined to comment to the news service about the story.

Meanwhile, in a separate report, Bank DBS Indonesia reportedly expects its newly launched currency linked investment to help boost the lender’s wealth management business next year, according to the Jakarta Post.

Bank DBS Indonesia wealth management head Widrawan Hindrawan said the currency linked investment (CLI) in renminbi offered higher yield potential for customers. Widrawan said the CLI Renminbi was specifically tailored for priority banking customers with a minimum cash balance of Rp 5 billion ($637.2 million) per person, as Bank Indonesia categorises the investment as high risk.

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