After the release of their third quarter results, DBS refused to comment on any bid for Societe Generale’s private banking arm in Asia, writes Patrick Brusnahan.
Last month, Private Baker International exclusively reported that DBS Group have submitted a first round bid for SocGen’s Asian private bank, estimated to be managing more than $10 billion.
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South-East Asia’s largest lender, DBS Group Holdings Ltd., recorded a 1% gain on high non-interest profit in their third quarter. Net income rose to S$862 million from S$856 million at this time last year. This rise is above the average S$839 million estimates compiled by Bloomberg analysts.
DBS CEO, Piyush Gupta, stated in a press conference earlier today that: "DBS turned in yet another strong quarter despite the challenging market environment. Our portfolio is sound and asset quality remains healthy. We are well placed to navigate the market uncertainties ahead, and will be prudent and vigilant as we continue to grow our franchise across the region."
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