is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender’s plans to expand its footprint in the world’s second-largest economy.
The China expansion plan also comes as Barclays is gradually expanding its presence in Asia, reversing a pullback from the region six years ago when it exited its cash equities business and sold its Singapore and Hong Kong wealth management units. “The bank has been strengthening our cross-border corporate and investment bank platform in China, growing in a phased and measured approach,” a bank spokesperson said in a statement.
Europe’s largest asset manager Amundi has garnered more than $11-billion of assets from Chinese investors since it became the first foreign-controlled JV to launch operations there in September 2020. The China plans come as Barclays, Britain’s third-biggest bank by market value, undertakes a broader rebuild of its presence in Asia.
The bank is also beefing up its corporate and investment bank capabilities in China as it bets on a growing need for Chinese clients to tap global capital markets and gain access to cross-border advisory services, the second source said.