DBS seen as fron­trun­ner for Bar­clays' HK, Sin­ga­pore wealth units

The Pak Banker - - FRONT PAGE -

Sin­ga­pore's DBS Group Hold­ings is seen lead­ing the race to buy Bri­tish bank Bar­clays' Hong Kong and Sin­ga­pore pri­vate wealth units, val­ued at as much as $300 mil­lion, sources with knowl­edge of the sit­u­a­tion said to­day.

The other bid­der left in the race is ri­val Sin­ga­porean len­der Oversea-Chi­nese Bank­ing Corp, the sources added. How­ever, they cau­tioned that no fi­nal deal has been agreed and there could be last minute changes. "This is a race be­tween DBS and OCBC," said one of the sources. Sin­ga­pore's banks have been ex­pand­ing in wealth man­age­ment, pick­ing up as­sets sold by some Western banks as they re­treat to fo­cus on their own mar­kets.

A win for DBS would help strengthen its lead in wealth man­age­ment among Sin­ga­pore's three listed banks, while a vic­tory for OCBC would en­able it to over­take DBS. The sale is part of a re­struc­tur­ing by Bar­clays' new chief ex­ec­u­tive, Jes Sta­ley, and comes as sev­eral Euro­pean banks re­think their Asian strat­egy due to pres­sure at home to cut costs.

DBS, OCBC and Bar­clays de­clined to com­ment. Buy­ers of Bar­clays' Sin­ga­pore and Hong Kong sub­sidiaries would gain ac­cess to $20 bil­lion worth of pri­vate client as­sets, sources have said pre­vi­ously.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.