Barclays announced this morning it has been granted a Financial Advisory and Intermediary Services (FAIS) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
Barclays said that, as a result, the UK-based international bank will now be able offer the advisory and discretionary products and services offered by Barclays Private Bank across South Africa.
Amol Prabhu, newly-appointed Africa Market Head for the Private Bank will have regulatory accountability for the Africa businesses. Based in Johannesburg, Mr Prabhu 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.
We consider South Africa and the wider African continent to be an exciting growth market for the Private Bank."
By leveraging collaboration between Barclays Private Bank, a leading Investment House providing banking and investments services and solutions to Family Offices and (Ultra) High Net Worth Individuals, and Barclays Corporate and Investment Bank, Prabhu will play a key role in the delivery of the full spectrum of the Bank´s capabilities for African clients seeking global and offshore solutions.
Salman Haider, head of Global Growth Markets, 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 HNWIs in the region, while also connecting them to the broader Barclays offering. We also look forward to servicing our clients seeking offshore solutions."
Amol Prabhu, Africa Market head, Barclays Private Bank, 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 HNWIs, while also complementing our existing Investment and Corporate Banking businesses."