SocGen mulls Asia private bank sale

Rising costs and an increasingly competitive environment are making life tough for Asia’s wealth management industry.
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.
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.

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...

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