DBS Bank has completed its purchase of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
The group noted that DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS' wealth management business and strengthens the bank's position as a leading wealth manager in Asia, DBS said in a news release on Monday.
With the successful acquisition of SGPB Asia's business, DBS' high net worth assets under management - those of high net worth individuals with more than S$1.5 million each in investible assets - now amount to S$88 billion. Assets under management for all wealth customers - including customers from DBS Treasures, DBS Treasures Private Client and DBS Private Bank - are now S$129 billion.
DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements. This will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia while DBS clients may 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.
Most of SGPB Asia's employees, including management and relationship managers, will be moving over to DBS. "This will deepen the pool of wealth management talent to better serve clients." Olivier Gougeon, formerly regional chief executive officer of SGPB Asia, will be joining DBS Private Bank as head of transformation, integration and ultra-high net worth segment.