Barclays Plc intends to make a major push into the Asian market, targeting family offices and the ultra-wealthy in Singapore and India.
By the end of 2028, the bank wants to have quadrupled its private banking assets in the area.
Head of the bank’s wealth business for the area Nitin Singh intends to triply grow his wealth team in Singapore and India in order to accomplish this goal.
Barclays Plc To Make a Major Push Into Asian Market
Barclays is extending its wealth management teams in Asia together with other companies such as UBS Group AG and Julius Baer Group Ltd. Due to the wealth boom in India, Barclays has been catering to the country’s elite since 2008.
Singh emphasized that Asia is the region experiencing the majority of the world’s growth, “We have significant growth ambitions for the business and a large amount of growth we are seeing happen globally is happening in Asia.”
Hussain Selani was employed by the bank to oversee Indian interests and Indians living overseas. He would answer to Singh and Jean-Damien Marie.
Across its wealth divisions, Barclays handles approximately £183 billion ($234 billion) in customer deposits, loans, and invested assets; Asia’s portion is in the high teens.
Barclay’s Five Objectives
One of Barclays’ five objectives, as mentioned in a February investor update, is private banking and wealth management. In the five years leading up to 2028, there would be a 50% increase in the number of extremely affluent people in India, according to Knight Frank’s wealth study.
Outside of India, there are about 32 million Indians living mostly in the Middle East, North America, and the United Kingdom. Forty percent of the 100 wealthiest Indian clientele listed in Forbes are also customers of Barclays.
Veteran money manager Nitin Singh, who has over 20 years of experience, came to Barclays from Avendus Wealth Management Pvt. He has held executive positions at Standard Chartered Plc and HSBC Holdings Plc.
After leaving the wealth management business in 2016, Barclays returned to the Singapore market three years ago with a coverage office.
The bank has hired two former Credit Suisse bankers as part of its significant resource investment in Singapore. Barclays will target customers in Singapore who have investable assets over £10 million ($11.8 million), as opposed to £3 million in India and £5 million in other countries.
Singh highlighted Barclays’ three-year establishment process in Singapore as evidence of the bank’s dedication to the city-state.
