Barclays restructures Asia private banking arm, India business to be part of global unit

Barclays has restructured its Asia private banking business, including India operations, to integrate it into its global unit as the British bank moves to a simplified, market-led operating model.

“Barclays Private Bank International is pivoting to a market-led approach and simplifying its local business structures,” Barclays said in a statement on August 19. As part of the change, Nitin Singh, head of private bank, Asia, has decided to leave Barclays, the statement added.

The development marks the first restructuring by a foreign bank in the Asia region since 2023. It also comes at a time when most banks are increasing their Asia focus, including on India.

The new structure is designed to enhance coordination across markets and place clients at the centre by organising global resources around client demands instead of jurisdictional lines, Barclays said.