The new booking centre in Singapore is expected to be operational by 2026, Barclays said.

Barclays today said it intends to set up a private banking booking centre in Singapore, targeting ultra-high net individuals and global family office clients. The move represents something of a return to its position before 2016, when it sold its wealth and investment management arm to OCBC (parent of Bank of Singapore). 

The UK-listed bank said it will offer clients a “comprehensive wealth management offering, with the ability to book assets locally.” The new booking centre in Singapore is expected to be operational by 2026.

Barclays said it will use its partnership with Barclays Investment Bank to deliver an “integrated 'one-bank' proposition that will provide clients with quasi-institutional investment solutions, including access to more sophisticated financial products and cross-asset class offerings,” according to a statement today. 

“Asia-Pacific is one of the fastest growing wealth markets, and this strategic investment in Singapore underscores our commitment to expand in the region. Establishing the new booking centre further strengthens our global proposition, allowing us to better serve our clients,” Sasha Wiggins (pictured), CEO, Barclays Private Bank and Wealth Management, said. 

Sasha Wiggins

“We are focused on meeting the needs of our international clients in the region with enhanced banker coverage and product capabilities. 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,” Nitin Singh (pictured below), head of Barclays Private Bank, Asia Pacific, said. 

Nitin Singh

The head of Barclays Private Bank, Singapore, is Evonne Tan (pictured below).

Evonne Tan

Despite the 2016 deal with OCBC, Barclays has retained important links with Asia. Barclays Private Bank retained its business in India, for example. When this news service interviewed the lender in 2021 about the importance of Asia and Singapore in particular, the bank described the latter financial hub as impossible to ignore. This news service has for some time heard that Barclays is re-entering the space.

The change highlights how banks’ booking centre strategies have changed since the 2008 financial crisis – sometimes consolidating their number to handle compliance workloads and complexity, but also needing to have a presence in certain markets. Singapore has continued to thrive as one of the world’s most important wealth management hubs. In some ways, it has challenged Hong Kong’s status as a place for internationally mobile wealthy families since the political changes wrought by China on Hong Kong and the impact of harsh lockdowns on Hong Kong during the pandemic.

Over the past decade, several European banking groups, such as Paris-listed Société Générale and ABN AMRO, have spun off private banking operations.

Singapore has emerged as the highest-ranked city in the ASEAN region, and sixth overall globally this year, according to Brand Finance Global City Index. Singapore performed exceptionally well in the "business and investment" pillar, taking third place globally. However, it was edged out of the top spot by Dubai in this category. The Brand Finance Global City Index results are based on insights from more than 15,000 respondents across 20 countries, who rated 100 cities on key performance indicators such as "familiarity," "reputation," and "consideration."