Societe Generale is reportedly in talks to sell its Asian private banking business, becoming the latest player to quit the industry amid a challenging market environment.
The business could be valued at more than $600 million, according to sources quoted by Reuters. It is no surprise that SocGen is considering selling the Singapore-based division, given its small size relative to the dominant regional players such as UBS, HSBC and Citi.
“Internally, we’ve been hearing rumours about a sale for the past three or four years,” said one source at Societe Generale.
Private banks in Asia are facing a difficult reality the region’s...