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DBS to buy Asia private banking unit of Societe Generale
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DBS Bank said yesterday that it agreed to acquire the Asia private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business, for US$220 million.
The acquisition represents approximately 1.75 percent of assets under management based on Societe Generale Private Banking Asia’s assets under management of US$12.6 billion as of 31 December 2013, the Singapore-based lender said in a statement.
It will raise DBS’s high net worth assets under management by over 20 percent.
Piyush Gupta, chief executive officer of DBS, said in the statement: “We believe that acquiring Societe Generale’s private banking franchise in Asia will strengthen our wealth management value proposition and further entrench our position as a leading bank in this region. The transaction will create value for high net worth customers from both banks and present employees with expanded career development opportunities. It is expected to be earnings accretive one year after completion, and we look forward to working closely with Societe Generale to ensure a seamless integration.”
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