Singapore’s DBS Group and OCBC as well as Swiss bank Julius Baer have submitted non-binding bids for Barclays’ Asian private wealth business.
First-round bids for the Singapore-based unit – valued at around US$600 million – were submitted last week.
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Barclays’ retreat from Asia is part of a restructure under its new chief executive Jes Staley and comes as several European banks rethink their Asian strategy due to pressure at home to cut costs.
With the growing wealth and number of high-net-worth individuals in Asia, the region has attracted a number of private banking players – especially in the aftermath of the global financial crisis of 2008. But in addition to pressure to reduce costs, some mid-sized banks are getting cold feet due to slowing growth in the region and fierce competition from some Asian players.
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