DBS and ABN AMRO place final bids for Societe Generale's Asian private bank -sources
Banking firms DBS Group Holdings, Credit Suisse, and ABN AMRO are among the suitors that have submitted final bids for Societe Generale's (SocGen) Asian private bank. According to sources familiar with the matter, the bank is being valued at approximately USD400 million, according to the unnamed sources cited in a report published by Reuters.
The sources said the sale process of SocGen attracted 10 bidders. Five of those bidders were short-listed for the final round bid. However, it was not confirmed if all of those shortlisted bidders had submitted their final bids, the report said.
The said sources did not wish to be identified as they are not authorized to speak to the media, the report stated.
A SocGen spokeswoman in Singapore refused to comment on the matter. DBS, ABN AMRO, and Credit Suisse have also yet to comment on the news, Reuters reported.
The Singapore branch of Societe Generale was set up in 1979. Societe Generale Corporate & Investment Banking (SG CIB) offers foreign exchange, lending, commodity finance, M&A advisory, and market and derivatives services. Singapore is SG CIB's Asian regional hub for commodities finance, according to the firm's website.