Societe Generale Sells Its Asia Private Bank To DBS

Tom Burroughes

17 March 2014

Societe Generale announced today – as widely expected – that it has agreed to sell its Asia private bank to DBS, the Singapore-headquartered banking group.

The business, which oversaw $12.6 billion of assets at the end of last year, was sold for a $220 million cash sum to be received when the deal is complete, subject to an adjustment based on thenet asset value and assets under management at completion, tag|Societe Generale|]Societe Generale. When asked about the speculation about SocGen last year, BNP Paribas told this publication that while it had no comment to make about its French rival, it was committed to wealth management in Asia.

Among the details of today's M&A agreement is that DBS will take the Non-Resident Indian team from Societe Generale in Dubai; the French bank will keep the Arab and international team.