Barclays steps up its Africa offering

Barclays is expanding private-banking services in Africa, looking to target the continent’s $2-trillion net worth market.

“Barclays franchise in Africa is experiencing an accelerated buildout across south, west and east Africa,” Gerard said in an interview. “This will be done through organic growth and the referral agreement we have with Credit Suisse.” About half of Africa’s super-rich individuals are from SA, Nigeria and Kenya, where a lot of the bank’s focus will be, Gerard said. The lender has about 15 bankers in SA though is looking to hire more, Barclays country CEO Amol Prabhu said in the same interview. Other staff elsewhere are focused on the expansion.

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