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Societe Generale sells private banking activities in Asia to DBS

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Societe Generale has completed the sale of its private banking activities operated in Singapore and Hong Kong to DBS. 



Societe Generale has received a cash consideration of USD220 million for the sale of the franchise, with a positive impact on the Group Basel 3 Common Equity Tier One ratio. 


 
Societe Generale Private Banking and DBS Private bank have also entered into collaboration agreements. These will enable Societe Generale clients to access DBS’ Private banking offering in Asia while DBS’s clients may benefit from Societe Generale Private Banking’s offering in Europe as well as have access to a range of market solutions designed by Societe Generale Corporate & Investment Banking. 


 
The transaction allows Societe Generale Private Banking to accelerate its development in its core markets and further strengthen the services offered to its clients in Europe, Latin America, the Middle East and Africa. 


 
“We are pleased to have successfully concluded this transaction with DBS, which proceeded smoothly thanks to the strong commitment and the quality of our teams,” says Jean-François Mazaud, head of Societe Generale Private Banking.” It ensures that our respective private banking clients benefit fully from the very best of the two banks in Europe and in Asia. It allows us to concentrate our efforts on strengthening our existing platforms in Western Europe and increasing synergies within Societe Generale group. We are well on course to meet our strategic objectives for 2016 and reaffirm Societe Generale Private Banking as the private bank of reference in the markets in which it operates.” 



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