DBS's buy useful but hardly earthshaking

DBS Group Holdings' agreement to buy the Asian private banking business of Societe Generale for US$220 million has met with muted responses from the investment community.

The price represents about 1.75 per cent of assets under management (AUM), based on the AUM of Societe Generale Private Banking Asia (SGPB Asia) of US$12.6 billion as at last Dec 31.

Comments from eight analysts were on the whole underwhelming, with expressions such as "small positive", "neutral" and "a useful bolt on". You get the picture.