Private bankers are eyeing the increasing wealth of non-resident Indians
(NRIs) whose businesses are usually closely tied to the booming Indian
economy. Some banks, such as Barclays Wealth, are looking to expand
their team of relationship managers working on this segment as they
expect the NRI slice of their private banking pie to grow quickly.
The growth in the assets under management in the NRI segment has been
rapid, with SG Private Banking
projecting a steady growth of 35-40% in Asia. Barclays Wealth is making
sure that its team consists of bankers who are familiar with specific
geographies and languages to better tap the different markets. Both
SG Private Banking and Barclays Wealth have designated Singapore as
a hub for their NRI business.
