DBS Bank, OCBC and Swiss bank Julius Baer have submitted non-binding bids for Barclays’ Asian private wealth business, as Barclays is restructuring its Asia operations under its CEO Jes Staley. Apart from Barclays, several other European banks are rethinking their Asian strategy due to pressure to cut costs and yield more returns. The first-round bids for Barclays are value at around $600 million. Credit Suisse is also said to weighing a bid for Barclays’ wealth unit, but it is not clear whether the Swiss bank had submitted an offer. According to reports, Barclays managed $36 billion in private banking assets in Asia as of last year.
