Barclays targets India’s top 1% wealth makers
Barclays is targeting India's wealthiest individuals as it seeks to grow its presence in the country's thriving private banking market. With offices in London, Dubai, Singapore and Europe, the bank is leveraging its international network and expertise to serve high-net-worth Indians, according to Annabelle Bryde, head of Barclays Private Bank International.
Bryde stated that catering to India's top 1% of the wealthy is a top priority for the firm. Barclays has been working with India's affluent since 2008 and aims for double-digit growth in the coming years. The strategy places Barclays in direct competition with established international private banks like Standard Chartered and HSBC, as well as competitors founded by experienced bankers.
The move comes as India's ultra-wealthy population is rapidly expanding, with the number of billionaires expected to reach 313 by 2031. Barclays' private banking operations in India currently manage $23.8 billion in assets, a 7.3% increase from the previous year.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
