DBS and OCBC in the hunt for Barclays’ Asia private wealth business
(15 January 2016 – Asia) DBS Group and Oversea-Chinese Banking Corp. (OCBC) have submitted non-binding bids for Barclays’ Asian private wealth business, sources have told reporters.
The British lender has been sounding out buyers for the Singapore-based wealth unit since last year as it seeks to refocus on its most profitable businesses in the US and UK.
It has also been widely reported that chief executive Jes Staley has also imposed a hiring freeze and plans to cut jobs at the investment bank and shut securities operations in Asia to shore up earnings.
Additionally, Reuters reported last Friday that Swiss based Julius Baer Group is also in the mix, having submitted non-binding bids for the UK lender’s unit.
Barclays’ Asia wealth business, with offices in Hong Kong, India, Japan and Singapore, had US$36 billion (A$50 billion) in assets under management at the end of 2014, according to the latest data.
Global revenue from Barclays’ wealth management business fell 17 percent to £227 million (A$330 million) in the Q3 2015 from the previous year, according to latest results provided by the bank.
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