Next week sees the deadline for final bids to acquire Societe Generale’s private banking arm in Asia.
As exclusively reported by PBI, Standard Chartered, DBS Group and Singapore’s United Overseas Bank are all understood to have made bids for the branch. Each bid is worth around the region of $550 million.
Moreover, the acquisition of the arm, which manages over $10 billion in assets, could lead to major shifts in the private banking world. If acquired by DBS, the bank could overtake Deutsche Bank and Morgan Stanley in the wealth management sector within Asia-Pacific.