Société Générale (SocGen) is looking to sell its Singapore private banking unit, according to media reports.
Following the sale of its Japanese private banking unit to Sumitomo Mitsui Banking Corporation (SMBC) in July for an undisclosed sum, the French bank is reportedly seeking a buyer for its private banking unit in Singapore.
A number of media outlets have pointed at Standard Chartered Bank, United Overseas Bank and DBS as potential buyers.
Yann Garnier (pictured), head of structured product sales for Asia Pacific in Hong Kong, told SRP that the bank has a number of private banking outlets in the region's main markets, but declined to comment on the rumours surrounding the bank's private banking business in Singapore.
SocGen has been an active player in the private banking structured products market in Singapore over the last few years with a range of structured notes as the primary driver. However, due to the strict regulation in the domestic retail market, the bank has not been active for over a year.
SocGen's latest structured note marketed amongst retail investors in Singapore was issued in September 2012.
According to the SRP database, 541 private banking products have been issued globally, with Taiwan having the largest number in Asia with 203 private banking products.