SINGAPORE - DBS Bank Ltd announced on Monday 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.

DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings, the company said in a statement to the Singapore Exchange.

The completion of the acquisition significantly increases the scale of DBS' wealth management business and strengthens the bank's position as a leading wealth manager in Asia, it added.

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 S88 billion and $129 billion respectively, said the bank.