DBS completes acquisition of Societe Generale’s private banking business in Asia

DBS’ high net worth assets are now $88 billion.

DBS Bank today revealed that it has successfully completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.

The completion of the acquisition significantly increases the scale of DBS’ wealth management business, as DBS Private Bank and Societe Generale Private Banking Asia are highly complementary in terms of clients, geographical coverage as well as product and service offerings. 

With the successful acquisition of SGPB Asia’s business, DBS’ high net worth assets under management and assets under management for all wealth customers are now $88 billion and $129 billion respectively.

Societe Generale clients will now 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.
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS.