The investment products to be offered include: RMB deposits, RMB deliverable spots and forwards, foreign exchange swaps, inward and outward remittances as well as bonds.
In addition to providing a full suite of private wealth management solutions, Barclays Wealth also caters to the business needs of entrepreneurs in Asia, through drawing on the capabilities of Barclays Capital, the investment banking division of Barclays Bank.
Barclays Wealth Head of North Asia Pakorn Boonyakurkul said as RMB trade settlement and fund-raising continues to gain traction, Hong Kong’s position as a RMB financial hub will further grow in importance and stature.
"The delivery of our expanded RMB services is a significant step for Barclays Wealth in capturing the growth of wealth in the Greater China region and further demonstrates our commitment in providing clients with best in class and market-leading services," Boonyakurkul said.
Under the leadership of Didier von Daeniken, CEO of Barclays Wealth Asia Pacific, the firm has been expanding its presence in the region.
The wealth unit has set up of a Hong Kong booking center in November 2010, in addition to the Singapore booking center; the launch in Japan in July 2010 of a private banking joint venture with Sumitomo Mitsui Banking and Nikko Cordial Securities, as well as the incorporation of a Singapore Trust Company in June 2010, complementing the Hong Kong Trust.
