DBS, OCBC Said to Submit Bids for Barclays's Asia Wealth Unit

DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. have submitted non-binding bids for Barclays Plc’s Asian private wealth business, people familiar with the matter said.

The British lender has been sounding out buyers for the Singapore-based wealth unit since last year as it seeks to refocus on its most profitable businesses in the U.S. and U.K., people with knowledge of the matter said earlier. New Chief Executive Officer Jes Staley has also imposed a hiring freeze and plans to cut jobs at the investment bank and shut securities operations in Asia to shore up earnings, people familiar have said.