Providing interest rate structured products in a market where interest rates are rock bottom is atough ask. Apparently, a major conundrum for private banks is how to have relevant products in an unfavorable environment. Yet Barclays’ Amit Agarwal, and his team across the region, have been able to achieve that, creating the perfect proposition for private banking clients – a combination of product capability and technology platform, fortified by a culture of client service and delivery consistency.Having focused on product delivery and relevance, Agarwal has been seeing consistent client feedback over the last few years. Specifically, he and his team have renovated the basic interest rate product by combining it with foreign exchange or credit, for example, to make simple hybrid solutions to enhance yield. Moreover, they consistently accommodate smaller notional transactions, provide comprehensive secondary market support, and maintain business efficiency. Barclays also has adapted to market demand for simple, transparent products by introducing solutions such as level pay notes, which provide EMI-type returns to investors looking for bigger regular cash-flows instead of big notional repayments at maturity.
For Agarwal, his job is made easier by the diverse nature and depth of knowledge across sales and trading teams. In fact, the majority of the private banks interviewed in the Asian Private Banker Structured Products Survey and Poll deemed Barclays as “the best” in terms of pricing and servicing for interest rate structured products – a perspective congruent with Agarwal’s own.
“We were dedicated to putting an enormous amount of resources over the last few years into building our business, and it has proven to be a great success,” he says. “We have client-focused sales coverage, strong trading support, and we provide innovative but simple product solutions at competitive prices. In addition, we are accessible, consistent, and flexible.”
Barclays has been recognised by its private banking clients as the superior provider of interest rate structured products – a validation of Agarwal’s own conviction, and confirmation that Barclays is a deserved winner.