Tuesday, May 26, 2015Tuesday, May 26, 2015

DBS in 'advanced' talks to buy SocGen Asia private bank: Sources

Published on Jan 22, 2014 1:03 PM

SINGAPORE (Reuters) - DBS Group Holdings, Southeast Asia's biggest lender, is in advanced talks to buy Societe Generale's Asian private bank which would help boost its private banking assets by almost a third, sources said.

A successful deal would make it the third major transaction in Asia's competitive private banking landscape since the global financial crisis, as smaller players struggle to generate enough revenue to support expensive bankers and rising regulatory costs.

"The talks are advanced," said a source with direct knowledge of the matter.

A DBS spokeswoman reiterated the bank's stance that boosting wealth management is one of its key strategic priorities but declined to comment on the possibility of talks.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!