Sources familiar with the matter were quoted by Reuters as saying that the disposal of the private banking division is likely to provide approximately $600m, while the final price is yet to be determined.

The sources told to the news agency that Standard Chartered Bank, Singapore-based United Overseas Bank and DBS Group Holding were among the preferred acquirers.

If the proposed sale materializes, it would mark the exit of the French lender from the Asian private banking landscape, which is also seen as a part of its strategy to cut cost and boost profit.

The French bank is streamlining its asset-gathering operations after integrating them with its corporate and investment bank under Didier Valet.

Earlier in 2013 year, SocGen disposed of its Japan private bank to Sumitomo Mitsui Banking for an undisclosed sum.

Besides SocGen, Bank of America sold its Asia and other non-US private banking business to Julius Baer for $911m in 2012.

In 2009, Dutch financial conglomerate ING Groep sold its Asian private bank to Singapore’s Oversea-Chinese Banking for $1.5bn.