DBS Group Holdings is in ‘advanced talks’ to takeover Société Générale’s private bank in Asia according to a source close to the process.
Previously, the frontrunners were DBS and ABN AMRO, but the Singapore-based bank seems to be closer to reaching a conclusion.
Currently, it is unclear how much the banks are willing to pay for the SocGen Asia private bank, but the sum is rumoured to be between $300 million and $400 million.
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If successful, it would be the third major transaction in Asian private banking since the 2008 global financial crisis, after the sale of Bank of America’s Asian private banking arm to Julius Baer and Oversea-Chinese Banking Corporation’s acquisition of ING’s private bank.
In addition, if DBS are successful, the bank could overtake Deutsche Bank and Morgan Stanley in the Asia-Pacific wealth management sector.
Société Générale declined to comment.
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