© Reuters. FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/Illustration/File Photo
SINGAPORE (Reuters) – Barclays (LON:) Private Bank said on Monday it has made two senior appointments in its Singapore office in a move to tap into the influx of wealth and growth of family offices in the city-state.
The lender has appointed Tom Road as its deputy head of Barclays Private Bank in Singapore.
Road, who has worked for Barclays Private Bank in London for the past 13 years covering ultra-high-net-worth (UHNW) and global family offices, relocated to Singapore to take up the new role, according to a statement by Barclays.
The British universal bank has also appointed Wengmun Loh as the head of dealing and derivatives of Barclays Private Bank in Singapore.
Loh has been with Barclays since 2008, and was most recently the head of UK Direct Access for Barclays Private Bank in London, it added.
Singapore has been attracting wealth in recent years by being one of the first Asian cities to significantly ease pandemic restrictions, on top of its tax-friendly regime and being seen as politically stable.
“These new appointments will strengthen our presence here and allow us to further meet the investment and banking needs of family offices and UHNW clients in the region,” Jean-Christophe Gerard, CEO, Barclays Private Bank and Wealth Management, said in the statement.
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