Barclays

Barclays Wealth announces the set up of a booking centre in Hong Kong

Barclays Wealth, the global wealth management division of Barclays PLC, today announces that it has set up a booking centre in Hong Kong.

This second booking centre in Asia - in addition to the one Barclays Wealth has established in Singapore - offers the same range of products and services currently offered out of Singapore, and firmly reinforces the commitment of Barclays Wealth to the region. Private banking clients now have the choice of having their wealth managed in either of the top financial centres in Asia - Hong Kong and Singapore.

Barclays Wealth already has a long-established office in Hong Kong, serving clients in the Greater China region, but their assets have typically been booked in Singapore. This latest development will allow Barclays Wealth to offer a full range of services to clients who prefer to retain their assets in Hong Kong. This 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 HKD 10 million in assets.

Joanna Chu, Head of North Asia, Barclays Wealth, said: "This is an important milestone for us 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."

Didier von Daeniken, Chief Executive Officer of Barclays Wealth Asia Pacific, said, "Setting up a Hong Kong booking centre will contribute greatly to the acceleration of our growth strategy, as we 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."

Barclays Wealth has been expanding its footprint aggressively in Asia Pacific, with several recent developments that reflect the firm's investments in the region. In July 2010, Barclays Wealth announced a private banking joint venture in Japan with Sumitomo Mitsui Banking Corporation and Nikko Cordial Securities Inc. to provide wealth management services to high net worth individuals in Japan. In June 2010, Barclays Wealth obtained the license from the Monetary Authority of Singapore to conduct trust business in Singapore, and to provide a regulated platform for global clients seeking trust services out of Singapore. Back in November 2008, Barclays Wealth launched private banking services in India.

For further information contact:

Gan Lee Meng, Barclays Wealth, Corporate Communications
+65 (0) 6308 3772

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