Singapore's DBS Group Holdings and Oversea-Chinese Banking Corp as well as Swiss bank Julius Baer have submitted non-binding bids for Barclays' Asian private wealth business, people familiar with the matter said.
First-round bids for the Singapore-based unit, which bankers value at around $600 million, were submitted last week, said the people, who declined to be identified because the deal talks are confidential.
The sale is part of a restructuring drive under Barclays new Chief Executive Jes Staley and comes as several European banks rethink their Asian strategy due to pressure at home to cut costs.
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First-round bids for the Singapore-based unit, which bankers value at around $600 million, were submitted last week, said the people, who declined to be identified because the deal talks are confidential.
The sale is part of a restructuring drive under Barclays new Chief Executive Jes Staley and comes as several European banks rethink their Asian strategy due to pressure at home to cut costs.
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