DBS completes buying SocGen's Asian private banking business

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 - referring to high net worth individuals with more than S$1.5 million each in investible assets - are now S$88 billion. Assets under management for all wealth customers - which refer to customers from DBS Treasures, DBS Treasures Private Client and DBS Private Bank - are now S$129 billion.