Winners rationale

Barclays Private Clients in India decidedly proved in 2019 that its approach to private banking in the country has been a boon for both the bank, banker, and — most importantly — the intrinsically entrepreneurial Indian client.

While the British lender has withdrawn its private banking business from the rest of Asia — just as many other international players have retreated from India — it retains and continues to refine a market-leading position in the subcontinent, reinforced by a stellar ‘one bank’ solutions suite, a seasoned set of responsible bankers, and a steadfast dedication to developing a compelling client experience.

Perhaps most worthy of note is the bank’s deep understanding of India’s fiercely enterprising business owners and its strong tilt towards serving the mega rich. Indeed, over half of its client base belong to the UHNW and family office segments, and the private bank counts over half of Forbes India’s Top 100 families as part of its clientele.

The attraction of Barclays Private Clients for these individuals and families lies in the world-class platform that it has developed over its more than a decade in India.

In addition to an advisory proposition that covers the full spectrum of asset classes and an equally comprehensive credit service for corporate needs, the bank operates an exclusive open architecture private market offering. This offering puts Barclays in a position — after applying rigorous due diligence — to provide its clients with priority access to a wide range of opportunities from its own investment bank, third party fund managers and investment banks, companies directly seeking funding, or even its own clients.

The success of the platform is such that Barclays has established unparalleled knowledge of private markets and have assisted numerous clients with their own exit strategies. One example last year includes a landmark case where the bank helped to identify and select an ultra client’s general partner after 18 months of deliberation over the many permutations of the client’s future wealth situation. In the end, Barclays secured 100% of proceeds from the business sale, helped the client invest the money back across a diversified set of asset classes, and is currently engaged in discussions over succession planning for the client’s family trust.

Of course, the complexities of such deals cannot be achieved without a high-quality workforce, and Barclays Private Clients has one of the best in India. Nearly 80% of Barclays’ bankers have more than a decade’s worth of wealth management experience and over 40% of employees have remained with the firm for the same amount of time. Equally impressive is the fact that in 2019, banker productivity shot up nearly 20% due to a culture that heavily emphasised teamwork and customer centricity.

What this conclusively spells for Barclays is a highly profitable private banking business built on a sustainable strategy that keeps all stakeholders happy. With a revenue mix healthily leaning on annuity income, Barclays Private Clients has recorded standout revenue performance, robust growth in UHNW accounts, and a sharp rise in client assets, all in a year of economic decline and uncertainty.

Barclays Private Clients is Asian Private Banker’s Best Private Bank – India Domestic for 2019.