Barclays seeks buyer for Asia wealth management business
(9 November 2015 – Asia) Barclays is sounding out potential buyers for its Asian wealth-management business as chairman sources have told reporters.
While several parties have expressed interest in the business, Barclay’s hasn't taken a final decision on a sale.
The bank’s global wealth management revenue fell 17 percent to £227 million (A$486 million) in the last quarter, compared to the same period in 2014, Barclays said last week. The unit has posted declining revenue for the past four quarters, contributing just 4 per cent of the bank's £5.6 billion in revenue in the three months through September.
Barclays last week reported a Q3 pre-tax profit, including restructuring costs, of £1.43 billion, down 10 percent from a year earlier. It also cut a profitability target for 2016.
The shares rose 1.9 per cent Friday in London, paring the loss this year to 4.6 per cent.
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