Barclays to set up Hong Kong offshore banking arm

HONG KONG (Reuters) - Barclays said on Thursday it has set up a new banking unit in Hong Kong to help manage the accounts of international trading firms as China becomes an increasingly important global player.

Hong Kong's imports and exports totalled more than US$400 billion last year, while China's trade with the rest of the world hit a record $1.1 trillion, prompting Barclays to set up the business, which it said is the first of its kind in the city.

"Professional service firms and international trading companies in Hong Kong are experiencing a surge in business and they need a high level of banking expertise and service to help them manage their affairs," said Katherine Morgan, head of international banking for Asia Pacific.

Barclays International Corporate, which manages about 10 billion pounds of offshore assets, will run the business and focus on professional service firms like trust companies and law and accounting firms.

The service firms can use Barclays Internet platform to access market information and treasury dealing and complete forward contract transactions online on behalf of their clients.

reuters.co.uk