U.K. bank Barclays sold its Asian wealth units in 2016 to Singapore's OCBC, a report now claims it might be back.
Singapore's second largest lender OCBC shelled out $227.5 million to acquire the Barclays wealth and investment management business in Singapore and Hong Kong. At the time it signalled the end of Barclays presence in the region as a wealth manager.
$13 billion in assets under management (AUM) was transferred to Bank of Singapore. The final sale price was lower than originally thought due to some bankers and their clients, not moving to Bank of Singapore.
Not Anytime Soon
Now in a report from the Financial Times (paywall) it seems the British bank is set to return to the worlds fastest growing wealth market. According to the report at present Barclays’ private bank caters to Asian demand with between 10 and 12 bankers who fly in and out of the region.
Any on the ground permanent presence however is likely to be a long way off given the non-compete agreement with OCBC which means the earliest Barclays can re-establish a presence is January 2019.
