SG purchase to boost DBS wealth assets by fifth
Singapore-based DBS's acquisition of Société Générale's Asian private bank is expected to result in business synergies, but also the layoffs of some middle- and back-office staff.
Singaporean bank DBS has agreed to pay $220 million for Société Générale Private Banking's Asian business.
DBS estimates that the deal will boost its $54 billion in wealth management AUM by some $10 billion. This figure allows for potential client attrition following the acquisition – SGPB has $12.6 billion in AUM in Asia, around 10% of the French group’s $117 billion.
SGPB’s Asia business – headed by Olivier Gougeon, who will be moving to DBS – comprises operations in Hong Kong…
Please sign in or register
for free access to 1 article per month from AsianInvestor’s content and archives of over 16,000 articles.
¬ Haymarket Media Limited. All rights reserved.