UK’s Barclays (BARC.L) announced plans for a significant hiring spree in Asia, targeting the ultra-rich and family offices in India and Singapore. The bank aims to quadruple its private banking assets in the region by the end of 2028, expanding its wealth team threefold in these markets, Bloomberg News reported.
“We have significant growth ambitions for the business, and a large amount of growth we are seeing globally is happening in Asia,” said Nitin Singh, head of Barclays’ wealth business for the region.
Currently, Barclays manages about £183 billion ($234 billion) in customer deposits, lending, and invested assets across its wealth businesses, with the majority stemming from the UK. Asia’s share is in the high teens, according to Singh.