Pursuits
DBS to Buy Societe Generale’s Asian Private Banking Business
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DBS Group Holdings Ltd., Southeast Asia’s biggest bank, agreed to buy Societe Generale SA’s Asian private banking business to bolster market share in a region where millionaires’ wealth may top North America this year.
The $220 million transaction includes private-banking operations in Singapore and Hong Kong as well as “selected parts” of the French bank’s trust business, Singapore-based DBS said in a statement today. The price represents about 1.75 percent of Societe Generale Private Banking Asia’s $12.6 billion of assets as of Dec. 31.