Soc-Gen's Asian Private Bank: 'DBS advances in bidding'

Singapore

DBS Group Holdings is among banks that have advanced in bidding for Societe-Generale's (Soc-Gen) private banking assets in Asia, said three people with knowledge of the matter.

Soc-Gen picked about five suitors to study the unit's finances after they made initial offers, said one of the people, asking not to be named because the process is confidential. Final bids are expected by end-November, according to two people. The unit oversees some US$13 billion.