With focus on South Africa, Nigeria, Ghana and Kenya.
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.
Barclays’ pivot to service African billionaires and wealthy individuals and families brings its focus to South Africa, Nigeria, Ghana and Kenya, said Prabhu. Private deals have recently included sectors such as agritech and fintech, he said. Cross-country access and mobility are increasingly viewed as an insurance policy against economic and political uncertainties in the current precarious global landscape, according to Henley & Partners’ 2023 Africa Wealth Report. It predicts a 42% increase in high-net-worth individuals on the continent in the next decade.The British lender has also seen a pickup in deal activity as more mergers and acquisitions come through in South Africa, said Prabhu.
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