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DBS to buy Société Générale Private Banking Asia for US$220 million

DBS announced today that it will buy Société Générale’s private banking business in Hong Kong and Singapore for US$220 million. The Singaporean bank expects the deal to boost its high net worth assets under management (AUM) to as much as US$68 billion. The price DBS has agreed to pay represents 1.75% of Société Générale Private Banking Asia’s US$12.6 billion in…

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