UK based multinational bank, Barclays says it is expanding its private banking services to Nigeria and other African countries, targeting Africa’s $2 trillion high net worth market.
Jean-Christophe Gerard, chief executive officer (CEO), Barclays Private Bank, said the company hired nine bankers from Credit Suisse Group AG, based in Dubai, London and Zurich, after agreeing to a deal to handle clients referred by the Swiss giant.
He said Barclays franchise in Africa is experiencing an accelerated build-out across south, west and east Africa, hence the need to expand its services on the continent.
“This will be done through organic growth and the referral agreement we have with Credit Suisse,” he said.
Gerard said the lender would be focused on wealthy individuals based in South Africa, Nigeria and Kenya.
According to the report, Barclay’s decision to expand its private banking offering across Africa comes after it exited retail banking in South Africa, where it recently sold the last of its holdings in Johannesburg-based Absa Group.
Gerard also said wealthy individuals in Africa are increasingly investing in technology firms — including those focused on agriculture, finance and health.
He added that it has helped to contribute to a boom in startup investment on the continent.
“Entrepreneurs like to invest in entrepreneurs and, therefore, many are keen to participate in the Barclays direct-assets program for instance,” Gerard said.
He added that investment in UK real estate is also accelerating, with wealthy Africans either seeing the market as an investment opportunity or holiday home or both.
On his part, Amol Prabhu, country CEO, South Africa, Barclays, said the lender has about 15 bankers in the country, though is looking to hire more.
