Barclays sell-off

BARCLAYS has sold its wealth and investment management business in Singapore and Hong Kong for £224.4m as it seeks to boost profits.

It was set up to help super-rich clients get the most from their money in 2005 before the financial crisis. The £12.8bn Far East business was designated a ‘non-core’ part of the bank in March and bosses moved fast to secure a sale. It is being bought by Bank of Singapore, a subsidiary of Oversea-Chinese Banking Corporation. The deal is expected to complete by the end of the year, subject to approval from courts in Singapore.