Barclays’ Singapore private bank business unaffected by Asia head’s exit
[SINGAPORE] Barclays’ private bank in Singapore will operate as normal, despite the departure of the business’ Asia chief amid a restructuring.
“The business in Singapore continues to be led by Evonne Tan, and we are actively focused on building out the Singapore booking centre to better serve our clients across the region,” a Barclays spokesperson in the city-state told The Business Times on Wednesday (Aug 20).
The UK lender said on Tuesday that Nitin Singh, who was head of private banking in Asia, has left. This was part of efforts to simplify its local business structures by removing the regional leadership roles, it added.
The bank began restructuring in the Middle East in the second quarter of this year, and will extend it to Asia, Europe and Africa, a statement indicated. Asia “remains a central priority” for Barclays’ global private banking business, it added.
Tan and Adrish Ghosh, who will be the interim head of Barclays’ India private bank, will report directly to Annabelle Bryde, head of international private banking. Barclays will appoint a new leader for its private banking business in India.
The restructuring comes less than two years after Barclays designated private banking as one of its five key pillars.
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Based in Mumbai, Singh joined Barclays in September 2023 in the newly created role that brought the UK lender’s private banking businesses in Singapore and India under one chief.
Singapore booking centre
His departure also comes just 13 months after he declared Barclays’ aim to quadruple its private banking assets in Asia by the end of 2028, with plans to expand the wealth team in India and Singapore.
The Barclays Singapore spokesperson said Singh’s exit will not affect hiring plans in the city-state’s private banking business, and the team is “still working on delivering the build-out of the booking centre in Singapore by next year”.
When Barclays announced in late 2024 it would open a new booking centre in Singapore by 2026, it was seen as a sign of its commitment to the private banking market here.
The UK bank had sold the private banking business in the city-state and Hong Kong in 2016, only to re-enter Singapore in 2021.
A booking centre is a dedicated office handling clients’ specific needs, such as managing their assets, executing transactions and providing wealth management services. Clients’ accounts will be registered there, which could affect where they are taxed, depending on their citizenship.
Currently, Barclays’ only booking centre in the Asia-Pacific is in India.
The restructuring also comes after Barclays said pre-tax profit at its private bank and wealth management business rose 18 per cent year on year to £234 million (S$405.8 million) in the first six months of 2025.
That was driven by “strong growth in income due to higher client balances”, Barclays said on Jul 29. Client assets and liabilities rose to £213.4 billion. The lender does not disclose regional figures.
