British banking giant Barclays aims to more than double its banker headcount in its Singapore private banking operation by 2030, the British lender has announced, as it launched a booking centre in the Southeast Asian city-state.
The move comes as a number of regional and global wealth managers seek to expand their footprints in the Asia-Pacific region to vie for a larger share of the region’s fast-growing wealth.
“Total client assets in the Asia-Pacific region, comprising pension assets, insurance companies, sovereign wealth funds, high-net-worth individuals (HNWIs) and mass affluents, are expected to hit USD 154.3 trillion by 2030, up from USD 107.2 trillion in 2024, dominated by the latter two segments,” stated a PwC report released in June.
Against this backdrop, Barclays, which already has a strong presence in Singapore, plans to consolidate its position by further investing in the franchise and wider international platform, including growing its headcount over the coming years.
“Singapore continues to play a pivotal role in the global wealth landscape,” said Alexander Harrison, Barclays’ country CEO for Singapore and interim head of private banking in the city-state.
“The launch of our booking centre reflects Barclays’ long-term commitment to the market and our ambition to serve increasingly international client needs,” he added.
Through its newly launched booking centre, Barclays will now serve internationally connected ultra-high-net-worth (UHNW) clients and family offices from one of the world’s leading wealth hubs.
“The centre combines local booking capabilities in Singapore with connectivity to Barclays’ international booking centres, allowing clients to access banking, lending, investments and wealth planning services seamlessly. Through its one Barclays model, clients can benefit from the combined strengths of the private bank and the corporate and investment banks, bringing together global expertise, financing capabilities and market access to support their wealth ambitions,” Harrison noted.
“The launch comes as wealth creation, investment activity and capital flows are becoming increasingly global. Clients are seeking greater connectivity across markets, asset classes and jurisdictions, alongside advice that reflects the complexity of their personal, business and family interests,” Barclays said.
“Singapore has long established itself as a leading centre for private wealth, attracting entrepreneurs, family offices and investors from across Asia and beyond. Its trusted institutions, international connectivity and deep financial expertise make it an important base for clients with interests spanning Asia Pacific, the UK, Europe and the Middle East,” it added further.
Sasha Wiggins, CEO, Barclays Private Bank and Wealth Management, said, “The launch of our Singapore booking centre marks an important milestone in delivering our growth strategy; it enables us to bring the full breadth of Barclays’ expertise to our clients and reflects our investment in key international wealth markets. As wealth becomes increasingly global, clients are searching for partners who can support them seamlessly across generations and jurisdictions. Singapore is one of the world’s leading wealth hubs, and this investment strengthens our ability to serve internationally connected clients while reinforcing our long-term commitment to the Asia Pacific.
Annabelle Bryde, Head of Barclays Private Bank International, remarked, “The new platform makes it easier for clients to access the full breadth of Barclays’ capabilities through one integrated team. Whether clients require lending, investment advice or support with complex family wealth and succession planning, we can connect them to the right expertise across the bank. It is a powerful example of our one Barclays approach, helping us deliver more seamless and integrated solutions for clients wherever they are in the world.”