Three institutions said to bid for Societe Generale's Asian private bank

Singapore

Standard Chartered, DBS Group Holdiings, and HSBC have submitted first round bids for Societe Generale's Asian private bank valued at $600m, people involved in the sale told Reuters.

The news agency reports that SocGen is selling the unit as part of wider restructuring to cut costs and boost profits, Reuters previously reported. Its 15-year foothold in Asia makes it an attractive buy, sources said.

Credit Suisse and at least one U.S. financial institution are among 10 firms placing preliminary bids for the unit that manages about $13bn worth of assets, said the people, who asked not to be named because the details are not public.

SocGen is the third major global financial institution to seek the sale of its Asian wealth arm in the last five years after Bank of America and ING. Rapid growth in the lower end of the wealth market - serving people with at least $1m to invest - favours private banks with wider networks, pressuring smaller players who tend to target only the very rich.

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Standard Chartered, DBS, HSBC among bidders SocGen Asia private bank - sources

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