French banking major Societe Generale (SocGen) has received first round of bids from Standard Chartered, DBS Group and HSBC for its Asian private banking arm valued at US$600 million, Reuters has reported citing undisclosed sources.
SocGen, which has presence in Asia since 15 years, is selling the unit as part of its wider restructuring to cut costs and boost profits.
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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 Asia business may account for around EUR10 billion to EUR12 billion of assets under management.
According to the Reuters report, Credit Suisse and at least one US financial institution are among 10 firms placing preliminary bids.
Some bids will not be more than US$300 million, the sources told Reuters.
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By GlobalDataIn the last five years, SocGen is the third major global financial institution to seek the sale of its Asian wealth arm after Bank of America and ING Groep.
