Societe Generale has completed the sale of its private banking activities operated in Singapore and Hong Kong to DBS.

It has received a cash consideration of US$220 million for the sale of the franchise, with a positive impact on the Group Basel 3 common equity tier 1 ratio, the bank said in a statement.

Societe Generale Private Banking and DBS Private Bank have also entered into collaboration agreements. These will enable Societe Generale clients to access DBS' Private banking offering in Asia while DBS's clients may benefit from Societe Generale Private Banking's offering in Europe as well as have access to a range of market solutions designed by Societe Generale Corporate & Investment Banking.

This transaction allows Societe Generale Private Banking to accelerate its development in its core markets and further strengthen the services offered to its clients in Europe, Latin America, the Middle East and Africa, it added.

Societe Generale will pursue its development in Asia, in particular in Corporate & Investment Banking, where it has focused on natural resources financing, cross asset solutions and equity derivatives to position itself as a key player for its financial institution and corporate clients.

In Asia-Pacific, the group is present in 11 countries, where it has more than 6,000 employees.