7th Apr 2016 07:25
LONDON (Alliance News) - Barclays PLC on Thursday said it has reached a deal to sell its wealth and investment management unit in Singapore and Hong Kong to Bank of Singapore Ltd, a private banking subsidiary of Singapore's OCBC Bank.
Barclays said the business, which serves high-net-worth clients in Singapore and Hong Kong, became part of its non-core portfolio in March 2016.
The purchase price for the unit will be 1.75% of the assets under management held by the Barclays unit at the point of completion. At present, this would give the sale an indicative price of USD320.0 million, Barclays said, based on the USD18.3 billion on its books at present.
"The sale of our Wealth and Investment Management business in Singapore and Hong Kong marks further progress in our aggressive pursuit of non core cost and risk weighted asset reductions," said Jes Staley, the chief executive of Barclays.
Barclays shares were up 0.3% at 150.05 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Barclays