DBS

DBS: According to newswires, DBS has appointed Citigroup to study a potential bid for Coutts International, the international private banking arm of RBS. The reports however indicated that DBS is still at an early stage in studying the offer and has not made any final decision on whether a not to proceed. According to the Financial Times, Coutts International could be valued at more than $1.03b. At its recent 3Q results briefing, DBS CEO Piyush Gupta added that following DBS’s smooth and successful integration of Societe Generale’s Asian private bank into its operations, DBS is now confident of undertaking another acquisition. DBS' private bank currently has an AUM of $88b (US$68.4b), with wealth management income forming the largest contributor (23%) to the bank’s total fee and commission income businesses last quarter. Separately, Coutts had AUM of US$33.5b as at the end of 2013. Based on AUM figures published by the Private Banker International in 2013, a successful acquisition of Coutts could potentially see DBS leapfrog peers and enter the league of the top five largest private banks in Asia.