Barclays has been awarded a Financial Advisory and Intermediary Services (FAIS) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
Therefore, Barclays bankers can reach out and offer Barclays Private bank products and services in South Africa.
In addition, Amol Prabhu has been appointed Africa market head for the private bank. He will have regulatory accountability for the Africa business. Based in Johannesburg, Prabhu has held several roles for Barclays in the last 15 years, most recently leading the establishment of Barclays Investment and Corporate Banking services in Africa.
Furthermore, Prabhu will aid the bank in delivering the full spectrum of Barclays services for African clients seeking global and offshore solutions.
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. We also look forward to servicing our clients seeking offshore solutions.”
Prabhu added: “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.”
Olivier Franceshelli will join as head of private banking in Monaco. In addition, Alan Werlau will become head of investments for Barclays Bank Ireland.
Franceshelli will lead the Monaco business and drive Barclays’ goals in the area by delivering tailored services and solutions to HNW and UHNW clients.