Barclays plans to open new private bank booking centre in Singapore by 2026

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(Reuters) – Barclays said on Tuesday it planned to set up a new private banking booking centre in Singapore by 2026 to tap into the city-state’s expanding pool of ultra-wealthy clients, financial institutions, and family offices.

The new booking centre comes eight years after the British bank divested its wealth and investment management business in Singapore and Hong Kong to a unit of Oversea-Chinese Banking Corp.

Singapore’s low taxes, political stability and its location as a gateway to the growing Southeast Asian markets are luring ultra-rich investors and financial institutions.

Barclays’ new booking centre in the Asian wealth hub will offer its ultra-high-net-worth clients and global family office clients comprehensive wealth management investment options with the ability to book assets locally.

“This investment in Singapore…positions us to strategically capture strong global and regional inflows,” Nitin Singh, head of Barclays Private Bank in Asia Pacific, said in a statement.