Societe Generale completes the sale of its private banking activities in Asia to DBS
Societe Generale has successfully completed the sale of its private banking activities operated in Singapore and Hong Kong to DBS.
Societe Generale has thus received a cash consideration of USD 220m 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.
This 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", said 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."
Societe Generale will pursue its development in Asia, in particular in Corporate & Investment Banking, where it has successfully focused on its strengths –ie natural resources financing, cross asset solutions and equity derivatives- in order to position itself as a key player for its financial institution and corporate clients.
In Asia Pacific, the Group is present in 11 countries*, where it has more than 6,000 employees. Leveraging on its universal banking model and leading positions, the Group offers domestic and international clients present in the region solutions ranging from financing and investment to cash management services.
*Japan, Hong Kong, India, Singapore, Taiwan, China (across 7 branches), Australia, Malaysia, Indonesia, Vietnam, South Korea