UK-headquartered Barclays announced during its first half of 2023 results that it combined its private bank and UK wealth businesses.
On 1 May 2023, Barclays Wealth Management & Investments (WM&I) was transferred from Barclays UK to its Consumer, Cards and Payments (CC&P) division, creating a combined private bank and wealth management business.
The bank said: “The combination seeks to improve customer and client experience and create business synergies.”
The business transferred includes around £28bn ($36bn, €33bn) of invested assets, generating annualised income of around £200m.
This comes a year after Barclays expanded its private banking offering in Africa to target the continent’s high net worth market. In 2021, Barclays boosted its private banking arm after setting up in Spain.
