Singapore's DBS Group Holdings has agreed to acquire Societe Generale's (SocGen) Asian private bank for about $250 million by the coming week,boosting its access to the regions super rich.DBS is headquartered and listed in Singapore and also a market leader in Singapore with over four million customers .DBS is uniquely placed to deliver banking the Asian way and they provide full range of services in corporate,SME,consumer and wholesale banking activities across Asia.
DBS said in a statement to the Singapore Exchange that the deal "will accelerate DBS' ambition of becoming a leading wealth manager in Asia".
The acquisition will help DBS to turn into Asia’s sixth or seventh-largest private bank in an industry dominated by UBS and Citigroup and this will help DBS forward in its strategy to grow its regional financial services footprint and become a leading bank in the Asian wealth management industry, which is a very fast-growing segment of global financial services.This acquisition would actually reduce profit margins for smaller private banks, especially those whose revenue-generating asset base is less than $20 billion.
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