India

Barclays recruits Market Veteran Nitin Singh to Drive Regional Business

Barclays Plc has hired Nitin Singh to take on the role of leading its Asia private bank, a newly created position that consolidates businesses in Singapore and India under a single chief. Singh, based in Mumbai, is set to join the bank on September 18, according to an internal memo seen by Bloomberg.

He will report to Jean-Christophe Gerard, CEO of Barclays Private Bank, and regionally to Jaideep Khanna, the bank's Asia-Pacific head.

Barclays declined to comment on the appointment, but this move underscores the significant role that India plays in the bank's overall strategy as global wealth managers seek expansion opportunities across Asia. In addition to assuming leadership of the India private bank business, Singh will spearhead a new strategy for the region, as outlined in the memo.

Singh brings with him extensive experience in money management, with a career spanning 20 years. Prior to joining Barclays, he held various leadership positions at firms including Avendus Wealth Management Pvt Ltd in Mumbai, as well as Standard Chartered Bank and HSBC Holdings Plc in the UK and India, according to the memo.

Barclays' decision to consolidate its Asia private bank under a single leader comes as other major global banks, such as HSBC and Julius Baer Group Ltd., also focus on expanding their operations in India's lucrative wealth management market. UBS Group AG is reportedly considering retaining Credit Suisse Group AG's private banking unit in India, signaling a potential comeback to the market.

In related news, Sandeep Das, Barclays' head of private clients in India, is said to be leaving the bank to pursue other opportunities. Additionally, the reporting line of Evonne Tan, head of the Singapore-based private bank, will transition from James Penny, head of the UK international private bank, to Nitin Singh, according to the memo.