DBS Bank has completed the acquisition of private banking business of Societe Generale in Singapore and Hong Kong.
In addition, the bank has also purchased few selected parts of its trust business.
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The acquisition will expand the scale of DBS’ wealth management business as well as boost the bank’s position as a leading wealth manager in Asia.
The deal will increase DBS’s HNW AuM and assets under management for all wealth customers to $88bnband $129bn respectively.
The acquisition will give Societe Generale’s clients access to DBS Private Bank’s offerings in Asia while DBS clients will 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.
As part of the deal, most of the SGPB Asia employees including management and relationship managers will relocate to DBS.
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By GlobalDataAlso, Olivier Gougeon, formerly regional CEO of SGPB Asia, will join DBS Private Bank as head of transformation, integration & Ultra HNW Segment.
Piyush Gupta, CEO of DBS, said: "Over the past five years, we have demonstrated our ability to grow our franchise organically, with the bank having doubled in size since 2009. 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."
Tan Su Shan, group head of consumer banking & wealth management of DBS, said: "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."
Gougeon said: "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."
