Belfast Telegraph

Barclays offloads Singapore and Hong Kong investment management business

Barclays has taken another step in its group-wide shake-up by selling its wealth and investment management business in Singapore and Hong Kong.

The banking giant said the operation targeting high net worth and ultra high net worth clients would be sold to the Bank of Singapore for 225 million US dollars (£181 million).

The lender has been working to sell down and dispose of its hinterland business as quickly as possible in order to focus on core US and UK operations.

Despite the sale, chief executive Jes Staley said the Asian market would remain a "crucial component" of its business plan.

"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 £23 billion in 2017 and reintegrate the remainder of the unit back into the group."

The move comes after Barclays completed the sale of its Spanish and Portuguese credit card business earlier this month.

The bank said its Barclaycard consumer payments business was "sold at a small premium" to Spanish online bank WiZink , previously known as Bancopopular-e.

The overhaul has also seen the bank sell down its 62.3% stake in Barclays Africa, and offload its risk analytics and index unit to Bloomberg for about £615 million.

Barclays said the majority of its wealth and investment management customers in Singapore and Hong Kong had now transferred to the Bank of Singapore.