Barclays plans to more than double its banker headcount in Singapore by 2030 as it launches a new private banking booking centre in the city-state to expand its presence in Asia-Pacific’s growing wealth market.

The British lender told Reuters on Friday that it intends to continue investing in its Singapore franchise and wider international platform, including increasing staffing over the next few years. Barclays did not disclose its current banker headcount or assets under management for its Asia private banking and wealth management business.

The new booking centre will enable Barclays to provide private banking services from Singapore, with the bank saying clients are seeking greater connectivity across markets, asset classes and jurisdictions. The lender said the model will support advice for clients whose personal, business and family interests increasingly span multiple markets.

Barclays said the move reflects wider changes in global wealth creation, investment activity and capital flows, as wealth managers expand across Asia-Pacific. The region has become a focus for international and regional firms seeking to increase their share of a rapidly expanding pool of private and institutional wealth.

According to a PwC report published in June, total client assets across Asia-Pacific are expected to reach $154.3 trillion by 2030, up from $107.2 trillion in 2024. The figure includes pension assets, insurance companies, sovereign wealth funds, high-net-worth individuals and mass affluent clients, with the latter two groups accounting for the largest shares.

Alexander Harrison, Barclays’ country CEO for Singapore and interim head of private banking in the city-state, said Singapore “continues to play a pivotal role in the global wealth landscape”. Harrison added that the booking centre demonstrated Barclays’ “long-term commitment to the market” and its ambition to serve increasingly international client needs.

The Singapore expansion forms part of Barclays’ broader international private banking strategy, with the bank targeting clients who require services across jurisdictions as their wealth and financial interests become increasingly global. The lender did not provide a specific target for the number of additional bankers it expects to recruit, but said its Singapore headcount would more than double by 2030.

The expansion comes as wealth managers across the region increase their investment in Asian markets, where rising wealth among high-net-worth and mass affluent clients is creating opportunities for private banking businesses. Singapore’s established role as an international financial centre has made it a key location for firms seeking to serve clients across the wider region.

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