DBS completes deal for Societe Generale's Asian private banking wing

DBS completes deal for Societe Generale's Asian private banking wing

With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.

SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.

"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).

With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.

According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.

Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”

Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”

The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.

Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”

- CNA/es


- wong chee tat :)