Societe Generale, has received first round bids for its Asia private banking arm, people familiar with the situation told Private Banker International.
Standard Chartered, DBS Group and Singapore’s United Overseas Bank are understood to have submitted offers in the region of $550 million reports Mark Foxwell.
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The sale of its Asian private bank, managing more than US$10 billion, is the next step in a series of initiatives the French bank has taken to cut costs and boost profits.
Sumitomo Mitsui Banking Corp agreed to buy Societe Generale’s Japanese private banking preparations in July this year. The sale is expected to close in the next few months.
The French bank is restructuring its asset-gathering operations after combining them with its corporate and investment bank under Didier Valet, head of corporate & investment banking at Societe Generale.
SocGen’s move to sell its Asian wealth arm follows the region’s surging tide of millionaires and billionaires have posed a challenge to smaller private banks, which lack the asset base to compete with large global players and local upstarts.
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By GlobalDataSocGen declined to comment.
