DBS Bank Ltd announced on Monday evening that it has agreed to acquire the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business, for $220 million.

This represents approximately 1.75 percent of assets under management based on Societe Generale Private Banking Asia’s $12.6 billion of assets under management as of Dec 31.

The transaction will accelerate the bank's ambition of becoming a leading wealth manager in Asia, effectively increasing its high net worth assets under management by more than 20 percent, the Singaporean lender said.

The transaction is subject to legal and regulatory approval, as well as customary closing conditions, and is expected to be completed in the last quarter of 2014, DBS said.

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