Barclays has been granted a Financial Advisory and Intermediary Services (FAIS) license by the Financial Sector Conduct Authority (FSCA) in South Africa.
Barclays Bank PLC bankers will now be able to proactively reach out to, and meet individuals in South Africa, to offer the advisory and discretionary products and services offered by Barclays Private Bank.
Amol Prabhu, newly appointed Africa market head for the Private Bank will have regulatory accountability for the Africa businesses.
Based in Johannesburg, he has held several roles for Barclays during the past 15-years, most recently leading the establishment of Barclays Investment and Corporate Banking services in Africa.
By leveraging collaboration between Barclays Private Bank, and Barclays Corporate and Investment Bank, Prabhu will deliver the full spectrum of the bank’s capabilities for African clients seeking global and offshore solutions, the bank 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 (U)HNWI, while also complementing our existing Investment and Corporate Banking businesses,” said Prabhu.
Salman Haider, head of global growth markets, Barclays Private Bank said: “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, whilst also connecting them to the broader Barclays offering.”
In October 2018, Barclays Bank PLC was granted a representative office licence in South Africa, enabling it to provide corporate and investment banking services.
Absa Group said recently that its three-year programme to separate from Barclays is substantially complete.
The separation follows Barclays’s 2016 decision to reduce its shareholding in the African group to a minority position. Barclays became the majority shareholder in Absa in 2005 and the two groups subsequently integrated systems, processes and policies over time.
“We are closing an important chapter in the more-than-100-year history of the Absa Group as we wind up the last few elements of separation,” said Absa Group chief executive Daniel Mminele.