Barclays has completed the sale of its wealth and investment management business in Singapore, as the group continues to scale back costs.
The business was sold to the Bank of Singapore, a wholly owned private banking subsidiary of Oversea-Chinese Banking Corporation, for $225 million.
Most clients of the business in Singapore and Hong Kong will be transferred to Bank of Singapore.
The sale of the unit was initially announced in April this year after Barclays claimed it was no longer central to its core strategy.
The bank is aiming to reduce risk-weighted assets to £23 billion in 2017 and will reintegrate the remainder of the unit back into the group, according to the bank’s CEO Jes Staley.
“Asia remains a crucial component of the Barclays business plan and we continue to actively serve our clients across the region from our offices in Singapore, Hong Kong, China, India, and Japan,” he added.
Barclays will also continue to operate its corporate and investment banking business in Singapore and Hong Kong.