DBS to advance in bid for SocGen’s Asian Private Bank

Final bids expected by end-November.

According to a report by Bloomberg, DBS Group Holdings Ltd. (DBS) is among banks that have advanced in bidding for Societe Generale (GLE) SA’s private banking assets in Asia, said three people with knowledge of the matter.

Societe Generale picked about five suitors to study the unit’s finances after they made initial offers, said one of the people, asking not to be named because the process is confidential. Final bids are expected by the end of November, according to two people, who didn’t identify the other companies. The division oversees about $13 billion.

Read full report here.

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