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DBS Talking To Societe Generale About A Bid For Coutts International - Report
Tom Burroughes
22 December 2014
Singapore-listed . 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. 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.
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.