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Home / Business / DBS buys SocGen’s Asia private banking business – Peninsula On

DBS buys SocGen’s Asia private banking business – Peninsula On

Regional CEO, Asia Pacific of Societe Generale Private banking Asia in Singapore yesterday. 

SINGAPORE: Singapore’s DBS Bank pronounced yesterday it had concluded to buy a Asian private banking business of French lender Societe Generale (SocGen) in a understanding value $220m, boosting a entrance to a region’s super rich.

DBS pronounced in a matter to a Singapore Exchange that a understanding “will accelerate DBS’s aspiration of apropos a heading resources manager in Asia”.

The merger comes during a time of flourishing foe to conduct a resources of Asia’s flourishing ranks of millionaires and billionaires.

Under a agreement, DBS will buy Societe General’s Asian private banking operations in Singapore and Hong Kong and tools of a trust business. “This transaction is in line with one of DBS’s vital priorities to be a heading resources manager in Asia and will significantly boost a scale of a resources government business,” Singapore’s heading bank said. Jean-Francois Mazaud, conduct of Societe Generale Private Banking, described DBS as “the many suitable choice”.

“The blurb partnership we intend to exercise together will also paint a good event for a private banking business to entirely advantage from a really best of a dual banks in Europe and in Asia,” he said.

DBS’s clients will have entrance to Societe Generale Private Banking’s offerings in Europe, DBS said. It pronounced a understanding would boost a high-net-worth resources underneath government by some-more than 20 percent.

“From a vital perspective, this merger will propel DBS brazen in a plan to grow a informal financial services footprint and turn a heading bank in a Asian resources government industry, that is a really fast-growing shred of a tellurian financial services industry,” pronounced Rajiv Biswas, Asia Pacific arch economist during IHS Global Insight.

“The thoroughness of acquired resources in Singapore and Hong Kong is also certain in terms of a geographic placement of resources underneath management, given Singapore and Hong Kong are a dual heading general financial centres in Asia,” he said.

Kenny Kan, marketplace researcher during CMC Markets in Singapore, pronounced a understanding noted a “strategic positioning” by DBS “in perspective of a flourishing need for resources government in Asia with a ever-increasing millionaires”.

DBS arch executive Piyush Gupta pronounced in an inner memo to staff it was time for a Singapore bank to accelerate a private banking business by an acquisition. “As we know, Asia is flourishing in affluence, and minting some-more millionaires each day than anywhere else in a world,” he pronounced in a memo.

He pronounced that in a 2013 financial year, DBS’s resources franchise, including a private banking business, reported record income of Sg$924m ($730m). The bank managed resources resources totalling Sg$109bn during a finish of final year, he said. Those of high-end clients came to Sg$69bn, adult from Sg$39bn in 2010.

Calling a understanding complementary, Gupta pronounced Societe Generale Private Banking’s customer bottom was mostly focused on “ultra high net worth” individuals, many of whom come from outward Southeast Asia. DBS’s imagination is “predominantly in Asian investment products and understanding flows”, he said.

Gupta pronounced a understanding should be finished by a finish of a year following authorised and regulatory approvals. The understanding comes as Asia’s clever mercantile expansion formula in a bang in a ranks of a ultra-rich.AFP

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