Barclays Doubles Africa Private Bank, Adds Credit Suisse Wealthy

Barclays Plc doubled its private banking business in Africa as the UK lender added ultra-wealthy clients in the past year from Credit Suisse through a referral agreement, according to Amol Prabhu, the bank’s head of African markets.

Under the deal, a team of 20 employees based in Dubai, Zurich and London also joined the African private banking unit. Growth in the region has been about 30% year-on-year, Prabhu said in an interview at Bloomberg’s Johannesburg office.

Amol Prabhu

Source: Barclays Plc

The move by Credit Suisse private bank clients has “been significant for us from a private bank perspective,” Prabhu said. The African ...