DBS seen as front runner for Barclays' HK, Singapore wealth units: Sources

DBS Group Holdings is seen as the front runner to buy Barclays' Hong Kong and Singapore private wealth units.
DBS Group Holdings is seen as the front runner to buy Barclays' Hong Kong and Singapore private wealth units.PHOTO: REUTERS

SINGAPORE (REUTERS) - Singapore's DBS Group Holdings is seen leading the race to buy Barclays' Hong Kong and Singapore private wealth units valued at as much as US$300 million (S$407.3 million), sources with knowledge of the situation said on Monday (March 21).

The other bidder left in the race is rival Singaporean lender Oversea-Chinese Banking Corp, the sources added. They, however, cautioned that no final deal has been agreed and there could be last minute changes.

DBS, OCBC and Barclays declined to comment. The sources declined to be identified as the information was not public.

Buyers of Barclays' Singapore and Hong Kong units would have access to US$20 billion worth of private client assets, sources have said previously.