ABN AMRO and DBS have made final bids for Societe Generale’s Asian private bank, all valuing the arm between $300-400 million, said sources familiar with the situation.
As exclusively reported by PBI last month, the sale of the private banking arm, which manages over $10 billion, is the next step in a series of cost cutting manoeuvres. Media reports also suggested Credit Suisse as a final bidder.
If successful, it would be the third major transaction in Asian private banking since the global financial crisis in 2008, 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.
Moreover, if acquired by DBS, the bank could overtake Deutsche Bank and Morgan Stanley in the Asia-Pacific wealth management sector.