Barclays has sold its wealth management business in Singapore and Hong Kong for $225 million, almost a third less than the bank had hoped for. The sale is part of plans to sell or exit parts of its business to concentrate on its British and American operations.
Barclays is selling to the Singapore-based Oversea-Chinese Banking Corporation. OCBC, which bought the business through Bank of Singapore, its private bank, said in April that it had agreed to pay $320 million. The $95 million discrepancy with the final price reflects the fact that not all Barclays customers chose to have their assets moved over to the buyer. The price agreed was set at 1.75 per cent of customer assets when the deal completed.
Barclays said it was still committed to Asia, where it has offices in Singapore, Hong Kong, China, India and Japan.