SINGAPORE (AFP) - Singapore's DBS Bank said on Monday it had agreed to buy the Asian private banking business of French lender Societe Generale as well as parts of its trust business in a deal worth US$220 million (S$279 million).
DBS said in a statement the deal "will accelerate DBS's ambition of becoming a leading wealth manager in Asia".
Under the agreement, DBS will buy Societe General's Asian private banking business in Singapore and Hong Kong, plus selected parts of its trust business for US$220 million.
"This transaction is in line with one of DBS's strategic priorities to be a leading wealth manager in Asia and will significantly increase the scale of its wealth management business," Singapore's leading bank said.
"The transaction will also provide significant revenue synergies as Societe Generale Private Banking Asia clients will have access to DBS's universal banking platform including retail, corporate and investment banking."
Through a memorandum of understanding, DBS's clients will have access to Societe Generale Private Banking's offering in Europe, the statement said.
DBS said the deal will increase its high net worth assets under management by more than 20 per cent.