Last month it was announced that DBS, Oversea-Chinese Banking Corp (OCBC), and Swiss-headquartered Julius Baer had submitted non-binding bids for Barclay’s Asian private wealth business.
Two horse race
An anonymous source told the Straits Times that the only other bidder left in the race is the OCBC. But they have cautioned that a final deal has not yet been agreed.
The private wealth business has been valued at around $600m. The buyer of the business would have access to £20bn worth of private client assets.
Earlier this month, Barclays announced its intention to sell its majority stake in its African business, Barclays Africa over the next two-to-three years, as it faces regulatory pressure over capital requirements and FX erosion.