Newspaper article International New York Times

Barclays Sells Asian Unit for $320 Million

Newspaper article International New York Times

Barclays Sells Asian Unit for $320 Million

Article excerpt

The lender said it would sell the business to the Bank of Singapore for $320 million as it accelerates its divestiture of noncore operations.

Barclays, the British bank, said on Thursday that it had agreed to sell its wealth and investment management business in Singapore and in Hong Kong to the Bank of Singapore for $320 million.

The sale is part of Barclays' effort to reshape itself by selling underperforming businesses and focusing on what it considers its core operations.

James E. Staley, who became the British bank's chief executive in December, has outlined a plan to turn it around by accelerating its sale of businesses it does not consider core operations and by focusing its strategy on two divisions: its British consumer bank and its corporate and investment bank. …

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