An IMGW News Report
Having once abandoned its Asian private banking operations, Barclays is now returning to Singapore with renewed ambition and a sharper focus on the ultra-wealthy and family offices.
Since re-establishing its presence in the city-state in 2021, the British lender has been quietly but deliberately rebuilding its footprint in the region.
“The strategic pivot aligns with global shifts in wealth flows, as Asian private capital continues to surge, and as Singapore positions itself as a magnet for global family offices and next-generation wealth creators”
At the helm of this revival is Evonne Tan, who assumed leadership of Barclays Private Bank in Singapore shortly after its re-entry. The return, however, has not been without scepticism.
Clients, Tan concedes, initially questioned the bank’s long-term commitment following its sale of the Asia private banking business to OCBC in 2016. That divestment was widely seen as a retreat in the face of stiff local competition and shrinking margins.But this time, Barclays appears to be playing a longer game.
The bank has made notable hires, including David Ratcliffe as chief operating officer and Ken Sze to lead investments across Asia. While the bank is tight-lipped on specific figures, industry observers estimate the number of relationship managers now exceeds ten—an indicator of its intent to scale operations.
More importantly, Barclays is preparing to establish its second Asia-Pacific booking centre in Singapore, complementing its existing hub in India. This infrastructure move suggests a more entrenched regional presence, aimed at deepening ties with high-net-worth clients across Southeast Asia and beyond.
The strategic pivot aligns with global shifts in wealth flows, as Asian private capital continues to surge, and as Singapore positions itself as a magnet for global family offices and next-generation wealth creators. For Barclays, which has long played a secondary role in Asia’s private banking pecking order, the current momentum may offer a rare second chance.
Rebuilding trust will not be straightforward. But with geopolitical uncertainty nudging global wealth eastwards, and client appetite for diversified advisory growing, Barclays seems determined to prove it is in Singapore for the long haul – this time, with both feet firmly planted on the ground.
