Barclays said that the new center will allow the bank to offer a full range of services to clients who prefer to retain their assets in Hong Kong.
The new center will also benefit clients who wish to participate in Hong Kong’s Capital Investment Entrant Scheme (CIES) through facilitating entry for residence in Hong Kong with a minimum capital investment of HKD10m in assets.
Barclays Wealth North Asia head Joanna Chu said this is an important milestone for Barclays in Hong Kong, and a key enabler for capturing growth in one of the world’s fastest growing and most attractive wealth markets – Greater China.
"At the same time, our North Asian clients now have the additional option of having their assets managed in a location closer to them, and they can also look forward to enhanced offerings next year, as we expect to roll out Renminbi products and fiduciary deposits," Chu said.
Barclays Wealth Asia Pacific CEO Didier von Daeniken said setting up a Hong Kong booking center will contribute greatly to the acceleration of our growth strategy, as Barclays target to double the number of private bankers and to quadruple the assets under management in Asia over the next four years.
"We are now well-positioned in this region, serving ultra high and high net worth clients out of our two private banking hubs in Singapore and Hong Kong, as well as having established an onshore presence in the major Asian wealth markets of India and Japan," von Daeniken said.
