(Bloomberg) -- Barclays Plc hired Nitin Singh to lead its Asia private bank in a newly created role that brings businesses in Singapore and India under one chief.
Singh, based in Mumbai, will join the bank on Sept. 18, according to a memo seen by Bloomberg. Singh will report into Jean-Christophe Gerard, the chief executive officer of Barclays Private Bank, and report regionally to Jaideep Khanna, the lender's Asia-Pacific head.
A spokesperson for Barclays declined to comment.
The hire underscores the central role that India plays in the London-based bank's plans as global wealth managers seek to expand across Asia. Singh will head a new strategy for the region in addition to assuming leadership of the India private bank business, according to the memo.
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The private banker, a 20-year veteran of money management, joins from Mumbai-based Avendus Wealth Management Pvt Ltd. He previously held several leadership roles at Standard Chartered Bank and HSBC Holdings Plc in the UK and India, according to the memo.
HSBC opened its onshore private bank in India this week targeting customers with more than $2 million of investable assets. Julius Baer Group Ltd. and Liechtenstein royalty-backed LGT Wealth India have aggressive plans to expand their operations in the country. UBS Group AG is considering retaining Credit Suisse Group AG's private banking unit in India, paving the way for a potential return to the market, Bloomberg previously reported.
Meanwhile, Sandeep Das, Barclays' head of private clients in India, will leave the bank to pursue another opportunity, according to the memo. Singapore-based private bank head Evonne Tan's reporting line will move to Singh from James Penny, head of the UK international private bank, according to the memo.
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