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Allen & Overy Advising Société Générale On Disposal Of Its Asian Private Banking Business To DBS Bank Ltd.

21 March, 2014

 

Allen & Overy LLP is advising Société Générale on the disposal of its private banking business in Singapore and Hong Kong, as well as a part of its private banking business in Dubai and a part of its trust business in Singapore to DBS Bank for USD 220m. This business represents USD 12.6bn of assets under management as of 31 December 2013.

 

Allen & Overy Paris is leading the transaction for Société Générale. The team is headed byAlexandre Ancel and Caroline Ledoux, and assisted by Anne-Caroline Payelle on corporate matters. Hervé Ekué and Eric Roturier are advising on capital markets issues. Ahmed Baladi and Vera Lukic are advising on IT issues.

 

A number of other Allen & Overy teams were involved in the transaction, including UK, Luxembourg, Singapore (Brendan Hannigan and Lian Chuan Yeoh, assisted by Celine Koh), Hong Kong (Alan Ewins, Maurice Conway and Michael Wong), and Dubai (Zeid Qursha, Adhirath Singh and Jessie McDonald).

 

Along with this disposal, which is expected to be completed within the fourth quarter of 2014, Société Générale and DBS Bank have agreed to establish a commercial partnership in relation to their private banking activities in Europe and Asia.

 

Allen & Gledhill and Clifford Chance Hong Kong and Dubai acted for DBS Bank Ltd.

 

Conventus Law

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