DBS bids for SocGen’s Asian private bank for $300m-$400m

DBS still mum on the issue.

According to Bloomberg's report, DBS Group Holdings Ltd. (DBS) and ABN Amro Group NV made final offers for Societe Generale (GLE) SA’s private banking business in Asia, said two people with knowledge of the matter.

Bids submitted yesterday (Nov 25) have valued the unit at $300 million to $400 million, one of the people said, asking not to be identified as the process is private. Societe Generale, France’s second-largest bank by market value, has been selling assets from Japan to North America and is eliminating jobs as it tries to boost profitability.

Spokesmen for DBS, ABN Amro and Societe Generale declined to comment on bidding for the unit.

Read full report here.