UK’s Barclays (NYSE: BCS) plans a major hiring spree in Asia to expand client assets over the next few years, focusing on the ultra-rich and family offices in India and Singapore, Bloomberg News reported on Wednesday, citing a Barclays executive.
Barclays aims to quadruple its private banking assets in the region by the end of 2028 and plans to expand its wealth team threefold in India and Singapore to reach the goal, Nitin Singh, head of the bank’s wealth business for the region said, according to the report.
“We have significant growth ambitions for the business and a large amount of growth we are seeing happen globally is happening in Asia,” Singh said.
Barclays did not immediately respond to a Reuters request for comment. Overall, the lender manages about 183 billion pounds ($234 billion) in customer deposits, lending, and invested assets across its wealth businesses, the majority of which stems from the UK. Asia’s share is in the high teens, Singh told Bloomberg News.
(Source: ReutersReuters)
