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News Breaks
March 17, 2014
06:37 EDTSCGLY, DBSDYSociete Generale to sell Asia private banking activities to DBS
Societe Generale (SCGLY) has agreed to sell to DBS (DBSDY) its private banking activities in Asia operated in Singapore and Hong Kong, representing a total of $12.6B of assets under management as of December 31, 2013. The transaction will be structured as a business transfer. At completion, Societe Generale group will receive a cash consideration of $220M for the franchise and will free up around $200M of equity. Further to the transaction, Societe Generale announces that it has entered into a memorandum of understanding with DBS to develop a commercial partnership combining the strengths of the two franchises for the benefit of their respective clients. The partnership will give Societe Generale’s clients access to DBS’ Private banking offering in Asia. In addition DBS’ clients will have access to Societe Generale Private Banking’s offering in Europe as well as to Corporate & Investment Banking solutions. The transaction is subject to approvals from the relevant authorities and is expected to be completed in Q4. It is expected to have a positive impact on the Group net income and on the Basel 3 Common Equity Tier 1 ratio. Reference Link
News For DBSDY;SCGLY From The Last 14 Days
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February 4, 2016
06:33 EDTDBSDYRBS calls off sale of India banking unit, will review options, Reuters says
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