Barclays said on Tuesday it planned to set up a new private banking booking centre in Singapore by 2026 to tap into the city-state's expanding pool of ultra-wealthy clients, financial institutions, and family offices.

The centre will offer clients access to quasi-institutional investment solutions and cross-asset class offerings.

It will offer wealth management offerings and the ability to book assets locally to its UHWN and global family office clients.

Singapore’s softer-than-expected core inflation reading for October prompted Barclays to lower its inflation forecasts and shift its base case for MAS easing to begin in January instead of April.

Singapore’s core inflation in October slowed to the weakest pace since December 2021, as heathcare and recreation price gains eased.

Singapore’s core inflation measure — which strips out prices of accommodation and private transport — came in at 2.1%, down from the 2.8% seen in September.