Barclays (BCS) completed the $225 million sale of its Wealth and Investment Management business in Singapore and Hong Kong, nearly nine months after the company confirmed the units were no longer core parts of the bank’s strategy.
The sale to the Bank of Singapore Limited, a subsidiary of Oversea-Chinese Banking Corporation Limited, was originally announced in April. The company said the majority of its Wealth and Investment Management customers made the switch over the to Bank of Singapore with the sale.
Barclays said it continues to operate in both Singapore and Hong Kong, with Jes Staley, chief executive officer of Barclays, saying the sale allows the company to continue to reduce risk weight assets to GBP23 billion ($29 billion) in 2017.
“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,” Staley said.
Shares for Barclays were last trading down 1.1% in pre-market trading Monday.
By Bryan Smith