Barclays has completed the sale of its Wealth and Investment Management (WIM) business in Singapore and Hong Kong to Bank of Singapore Limited, the wholly-owned private banking subsidiary of Oversea-Chinese Banking Corporation Limited (OCBC).
Barclays WIM in Singapore and Hong Kong, serving high net worth and ultra high net worth clients in those locations, was confirmed as no longer central to Barclays’ strategy in March 2016, and became part of Barclays Non-Core (BNC). The sale was announced in April 2016.
Barclays continues to operate corporate and investment banking businesses in Singapore and Hong Kong.
Jes Staley, Barclays Group CEO said: “This is another example of the great progress we have made this year in BNC, as we aim to reduce risk weighted assets to £23 billion in 2017 and reintegrate the remainder of the unit back into the Group.
“I would like to thank those skilled and dedicated colleagues in Hong Kong and Singapore, who have moved to become part of Bank of Singapore, for their hard work for both Barclays and our Wealth clients in the region. I wish them great success in the future. Asia remains a crucial component of the Barclays business plan, and we continue to actively serve our clients across the region from our offices in Singapore, Hong Kong, China, India, and Japan.”
The purchase price, representing 1.75% of Barclays WIM Singapore and Hong Kong’s assets under management (AUM) on completion, was US$225 million. The transaction will result in a pro forma decrease in risk weighted assets of approximately £0.8 billion.
The majority of Barclays WIM clients in Singapore and Hong Kong transferred to Bank of Singapore on completion of the transaction. They will benefit from Bank of Singapore’s full product range which includes property and insurance financing, wealth planning, robust platform and advisory services, as well as OCBC Bank’s extensive commercial banking capabilities in the region.