Barclays said on Tuesday it planned to set up a new private banking booking centre in Singapore by 2026 to tap into the city-state's expanding pool of ultra-wealthy clients, financial institutions, and family offices.

Barclays Plc plans to add Singapore as its second booking center for its private bank operations in Asia Pacific, marking a full return to the wealth hub.

Barclays PLC BCS intends to establish a new Private Banking booking center in Singapore, expanding its presence in the Asian region. The center is anticipated to be operational by 2026 to serve the company’s private banking clients.

The centre will offer clients access to quasi-institutional investment solutions and cross-asset class offerings.

On Tuesday (Nov 26), Barclays announced plans to make Singapore its second booking centre in Asia Pacific for its private bank operations, marking its full return to the city-state’s wealth management market after exiting in 2016.

The bank will provide quasi-institutional investment solutions. Barclays will establish a Private Bank booking centre in Singapore, offering wealth management offerings and the ability to book assets locally to its ultra-high-net-worth (UHNW) clients and global family office (GFO) clients.

Singapore’s softer-than-expected core inflation reading for October prompted Barclays to lower its inflation forecasts and shift its base case for MAS easing to begin in January instead of April.

Barclays follows in the footsteps of Morgan Stanley and HSBC to strengthen presence in Asia Barclays becomes the latest bank to expand operations into Asia Pacific with plans to launch a new private bank booking center in Singapore,