UK primarily based multinational financial institution, Barclays says it’s increasing its personal banking companies to Nigeria and different African international locations, concentrating on Africa’s $2 trillion excessive internet price market.
Jean-Christophe Gerard, chief government officer (CEO), Barclays Non-public Financial institution, stated the corporate employed 9 bankers from Credit score Suisse Group AG, primarily based in Dubai, London and Zurich, after agreeing to a deal to deal with purchasers referred by the Swiss large.
He stated Barclays franchise in Africa is experiencing an accelerated build-out throughout south, west and east Africa, therefore the necessity to develop its companies on the continent.
“This will probably be executed by means of natural progress and the referral settlement we’ve with Credit score Suisse,” he stated.
Gerard stated the lender could be centered on rich people primarily based in South Africa, Nigeria and Kenya.
In response to the report, Barclay’s determination to develop its personal banking providing throughout Africa comes after it exited retail banking in South Africa, the place it just lately bought the final of its holdings in Johannesburg-based Absa Group.
Gerard additionally stated rich people in Africa are more and more investing in expertise companies — together with these centered on agriculture, finance and well being.
He added that it has helped to contribute to a growth in startup funding on the continent.
“Entrepreneurs prefer to spend money on entrepreneurs and, subsequently, many are eager to take part within the Barclays direct-assets program as an illustration,” Gerard stated.
He added that funding in UK actual property can also be accelerating, with rich Africans both seeing the market as an funding alternative or vacation house or each.
On his half, Amol Prabhu, nation CEO, South Africa, Barclays, stated the lender has about 15 bankers within the nation, although is trying to rent extra.