Barclays Bank will now be able to contact and meet individuals in South Africa to offer advisory and discretionary products and services.
This comes after the British bank secured a financial advisory and intermediary services (Fais) licence from the Financial Sector Conduct Authority (FSCA).
It said that, by “leveraging collaboration” between Barclays Private Bank and Barclays Corporate and Investment Bank, the “full spectrum” of the bank’s capabilities will be available to African clients seeking “global and offshore solutions”.
The newly appointed Africa market head for Barclays Private Bank, Amol Prabhu, will have regulatory accountability for the Africa business.
Based in Johannesburg, he has held several roles with Barclays over the past 15 years. Most recently, he led the establishment of Barclays Investment and Corporate Banking Services in Africa.
High and ultra-high net worths
Salman Haider, head of global growth markets at Barclays Private Bank, commented: “We consider South Africa and the wider African continent to be an exciting growth market for the private bank and are pleased to be able to provide our first-class global services to affluent, high net worth and ultra-high net worth individuals in the region.”
He added: “We also look forward to servicing our clients seeking offshore solutions.”
Prabhu said: “We are excited that this licence will allow the private bank to service individual clients in South Africa, including the delivery of tailored investment solutions to meet the specific and complex needs of family offices and [ultra- and] HNWIs.”
