Now Hiring! This International Bank Plans To Recruit More Employees In India; Check Details Here

Barclays manages approximately £183 billion ($234 billion) in customer deposits, loans, and invested assets across its wealth divisions, with the majority originating from the UK

Barclays intends to embark on a substantial recruitment drive across Asia in the coming years to bolster client assets, with a particular emphasis on ultra-high-net-worth individuals and family offices in India and Singapore, as outlined by the head of the bank's regional wealth business.

Nitin Singh, leading this initiative, aims to quadruple private banking assets in the region by the close of 2028. To achieve this target, Singh plans to expand the wealth management team threefold in India and Singapore. Specific details such as current employment figures and asset amounts within the unit were not disclosed.

Barclays is joining other firms in expanding its wealth management teams in the region, alongside UBS Group AG and Julius Baer Group Ltd. The London-based bank, which has catered to India’s affluent population since 2008, focuses on this segment amidst a burgeoning wealth trend in the world’s most populous country. “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 in an interview, reported Bloomberg.

On Wednesday, the bank announced Hussain Selani's appointment as Head of India Investments and Investments for Non-Resident Indians. Selani will report to Nitin Singh and Jean-Damien Marie, the Global Head of Investments for Private Banking and Wealth Management.

Barclays manages approximately £183 billion ($234 billion) in customer deposits, loans, and invested assets across its wealth divisions, with the majority originating from the UK. Singh noted that Asia's share accounts for a significant portion of the high teens.

According to Knight Frank’s latest wealth report, the number of super-wealthy individuals in India with assets exceeding $30 million is projected to increase by 50 per cent over the next five years through 2028.

Money managers are actively expanding their presence in India and from key hubs such as Dubai and Singapore. Data from India’s Ministry of External Affairs indicates that more than 32 million Indians reside overseas, primarily in North America, the UK, and the Middle East.

Singh highlighted Barclays' longstanding relationships with global Indians, who hold offshore and onshore accounts with the bank. He mentioned that the firm's clientele includes 40 per cent of the wealthiest individuals listed in the Forbes India 100.