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.

Barclays Plc plans to add Singapore as its second booking center for its private bank operations in Asia Pacific, marking a full return to the wealth hub.

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.

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