On Tuesday (Nov 26), Barclays announced plans to make Singapore its second booking centre in Asia Pacific for its private bank operations, marking its full return to the city-state’s wealth management market after exiting in 2016.
The London-based bank stated that wealthy clients would be able to park assets in Singapore by 2026, as reported by Bloomberg.
Since selling its wealth businesses in Singapore and Hong Kong to OCBC in 2016, Barclays has relied solely on India as its booking centre in the region.
This decision is a notable step as Singapore competes with Switzerland and Hong Kong to become the top destination for offshore wealth, drawing funds from China, the Middle East, and beyond.
Nitin Singh, head of Barclays’ private bank in Asia-Pacific, said the plan positions the bank to “capture strong global and regional inflows.”
Barclays faces stiff competition in South-east Asia, with both local and international banks vying to tap into the region’s growing wealth. The bank plans to triple its wealth team in India and Singapore as part of its goal to quadruple regional assets by 2028, Mr Singh said in a July interview, but he did not provide specific numbers.
Barclays re-entered Singapore in 2021, appointing Evonne Tan, formerly of UBS, to lead its private banking operations. Ms Tan noted the bank’s three-year effort to rebuild its presence in the city-state, with the new booking centre reflecting a long-term commitment to the region.
Barclays currently operates booking centres in six locations, including India, the UK, and Switzerland. Hong Kong, long seen as Singapore’s financial hub rival, was not mentioned in the bank’s statement.
As of September, Barclays’ private banking assets and liabilities had risen to nearly £202 billion (S$341 billion), up from £199 billion in the previous quarter, according to its latest financial report. /TISG
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