United Kingdom-based multinational bank, Barclays Plc has promised to expand its brand in Africa.
The company said they are trying to expand private banking services in Africa with a target of $2 trillion high net worth market.
Chief Executive Officer of Barclays Private Bank, Jean-Christophe Gerard said the company hired nine bankers from Credit Suisse Group AG, based in Dubai, London and Zurich following the agreement of a deal to handle clients referred by the Swiss giant.
Gerard said the lender would be focused on wealthy individuals based in South Africa, Nigeria and Kenya.
He added that the wealthy individuals in Africa are increasingly investing in technology firms, including those focused on agriculture, finance and health.
“Barclays franchise in Africa is experiencing an accelerated build-out across south, west and east Africa.
“This will be done through organic growth and the referral agreement we have with Credit Suisse.”
Barclays 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. A boom in startup investment on the continent has helped contributed to the decision.
Gerard went on to confirm, “Entrepreneurs like to invest in entrepreneurs and, therefore, many are keen to participate in the Barclays direct-assets program for instance”.