The new center seeks to provide investment, banking, lending and wealth advisory services to the bank’s ultra-high-net-worth clients and global family office clients, offering them a wealth management offering with the ability to book assets locally.
It will leverage its partnership with Barclays Investment Bank to deliver an “integrated one-bank” proposition that aims to provide clients with quasi-institutional investment solutions, including access to more sophisticated financial products and cross-asset class offerings.
The plan strengthens the bank’s plans to expand its private banking operations in Asia Pacific, which Sash Wiggins, CEO of Barclays Private Bank and Wealth Management, called “one of the fastest growing wealth markets.”
While Barclays has already operated in Asia Pacific for over 50 years, the private banking arm has been focused on expanding its footprint in the region, building on a three-year effort to establish itself in Singapore.
Nitin Singh, head of Barclays Private Bank, Asia Pacific, said: “This investment in Singapore, combined with our market-leading UK and Indian franchises, positions us to strategically capture strong global and regional inflows, while enhancing our ability to offer seamless cross-border wealth management solutions.”
Barclays is the latest bank to focus on strengthening its presence in the Asia-Pacific region as HSBC acquired Citi’s retail wealth management portfolio in mainland China.
Morgan Stanley has also received final approval from the China Securities Regulatory Commission to launch a newly-established future business in the country.
