Asset Management

Barclays to sell wealth businesses in Asia

The $320m sale of units in Singapore and Hong Kong is part of the UK bank's plans to exit its non-core business lines

Barclays is out to exit business lines it deems to be non-core
Barclays is out to exit business lines it deems to be non-core Photo: iStockPhoto

Oversea-Chinese Banking said on April 7 that its private banking unit has signed a deal to buy Barclays’ wealth and investment management business in Singapore and Hong Kong for $320 million in cash.

The purchase price is equivalent to 1.75% of Barclays' wealth assets under management in Singapore and Hong Kong. The assets under management, which total about $18.3 billion, will be transferred to Bank of Singapore, OCBC's private bank unit, Singapore's second-biggest bank by assets said in a statement to the Singapore Exchange.

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