Barclays has sold its WIM (Wealth and Investment Management) business in Singapore and Hong Kong to the Bank of Singapore as part of a wider-scale reshuffling of its operations and workforce. The sale price represents 1.75% of Wealth and Investment Management’s assets under management on completion, totalling $225m. Barclays will still maintain a strong corporate and investment banking business in the region despite the offloading of its flagship business.
Barclays has sold its Wealth and Investment Management (WIM) business in Singapore and Hong Kong to the Bank of Singapore as part of a wider-scale reshuffling of its operations and workforce. The sale price represents 1.75% of WIM’s assets under management on completion, totalling $225m. Barclays will still maintain a strong corporate and investment banking business in the region despite the offloading of its flagship business.