Bloomberg News reports that second-round bids for the lender’s unit are due by the middle of this month, after interested firms submitted non-binding bids earlier this year, the people said, asking not to be named as the process is private. UOB’s Singapore rivals DBS Group Holdings and Oversea-Chinese Banking are also weighing offers, the people said.
Barclays’ sale of the unit could fetch as much as $400m, though the valuation could change as bidders get more detailed information about the business, they said.
The banks are looking to increase market share in an Asian wealth-management industry that is growing rapidly as a richer Chinese population plays a bigger role in global capital markets.
To access the complete Bloomberg News article hit the link below: