Barclays’ move is significant, as Singapore vies with Switzerland and Hong Kong to be the world’s most popular destination for offshore wealth, attracting flows from China, the Middle East and other parts of the world.
Barclays plans to add Singapore as its second booking centre for its private bank operations in Asia Pacific, marking a full return to the wealth hub.
Rich clients will be able to park assets in the city-state by 2026, the London-based firm said in a statement on Tuesday. India has been its sole booking centre in the region after Barclays sold its wealth businesses in Singapore and Hong Kong to Oversea-Chinese Banking Corporation (OCBC) in 2016.
