SINGAPORE - Singapore's DBS Bank said Monday it had agreed to buy the Asian private banking business of French lender Societe Generale in a deal worth $220 million, boosting its access to the region's superrich.
DBS said in a statement to the Singapore Exchange that the deal "will accelerate DBS's ambition of becoming a leading wealth manager in Asia".
The acquisition comes at a time of growing competition to manage the wealth of Asia's growing ranks of millionaires and billionaires.
Under the agreement, DBS will buy Societe General's Asian private banking operations in Singapore and Hong Kong and parts of its trust business.
"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."
Jean-Francois Mazaud, head of Societe Generale Private Banking, described DBS as "the most suitable choice".
"The commercial partnership we intend to implement together will also represent a great opportunity for our private banking customers to fully benefit from the very best of the two banks in Europe and in Asia," he said.
DBS's clients will have access to Societe Generale Private Banking's offerings in Europe, DBS said.
It said the deal would increase its high-net-worth assets under management by more than 20 percent.