28th Nov 2016 10:03
LONDON (Alliance News) - Barclays PLC said Monday that it has completed the sale of its wealth and investment management business in Singapore and Hong Kong to Bank of Singapore Ltd, for USD225 million.
Barclays said the price paid by Bank of Singapore, which is a wholly-owned subsidiary of Singapore's Oversea-Chinese Banking Corp Ltd, was 1.75% of the assets under management of the business, which serves high net-worth individuals. The sale will result in a pro-forma decrease in risk-weighted assets of around GBP800 million, said Barclays.
Barclays noted that it continues to operate Corporate and Investment Banking businesses in Singapore and Hong Kong.
"This is another example of the great progress we have made this year in Barclays Non-Core, as we aim to reduce risk weighted assets to GBP23 billion in 2017 and reintegrate the remainder of the unit back into the group," said Jes Staley, chief executive officer of Barclays.
Shares in Barclays were down 1.6% at 212.15 pence Monday.
By Adam Clark; [email protected]
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