Barclays Expands Private Banking Services To Nigeria, Kenya, South Africa

Barclays Plc says it is expanding its private banking services to Africa as it eyes the continent’s $2 trillion net worth.

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.

“Barclays franchise in Africa is experiencing an accelerated build-out across south, west and east Africa,” Gerard told Bloomberg in an interview.

“This will be done through organic growth and the referral agreement we have with Credit Suisse.”

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 from 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.