Barclays Wealth has set up a new booking centre in Hong Kong market as part of its strategy to quadruple assets under management in Asia over the next four years.
The private bank also sets to double the number of private bankers in the region over the period.
Barclays Wealth is making bold moves in the Asia Pacific region, with a private banking joint venture in Japan in July, together with the opening of a trust business in Singapore for global clients in June.
Barclays Wealth executive officer Didier von Daeniken said the new Hong Kong private banking hub puts ultra high and high net worth client services within the region, alongside an onshore presence in India and Japan.
The private bank’s new booking centre allows clients to retain their assets in Hong Kong, which were previously only booked through its Singapore centre.
Other private banks are also rushing to extend their network in Asia-Pacific.
Julius Baer was also granted a banking license for a Hong Kong booking centre earlier this month, with plans to open a representative office in Shanghai and a trust company in Singapore.
Standard Chartered is planning to increase the number of relationship managers working with wealthy clients from 450 to 750 by 2013 in Hong Kong, Singapore and China.
Meanwhile, HSBC Private Bank said it wants to add 500 front office staff over the next three years to draw near to these growing emerging markets.