Singapore's DBS Bank is to acquire Societe Generale's Asian private banking business in Singapore and Hong Kong, as well as parts of its trust business for $220m. The transaction will increase DBS's high-net-worth assets under management by $12.6bn, or more than 20%. The deal is expected to be completed in the fourth quarter of 2014. The UK's Paym service has been announced by the Payments Council. The service, which is expected to be launched in the first half of 2014, allows people to make payments from their bank account using a mobile phone number instead of bank account details. Nine UK banks will offer the service, which will be integrated into customers' existing mobile banking apps.
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