Barclays grows private banking operation in Nigeria

Barclays Plc has achieved substantial growth in its African private banking business, effectively doubling in size through the integration of ultra-wealthy clients from Credit Suisse via a referral agreement. This strategic move has resulted in a 20-member team hailing from Dubai, Zurich, and London joining Barclays’ African private banking division. The division’s growth rate has experienced a remarkable 30% year-on-year increase, following Barclays’ divestment of its entire stake in Absa Group Ltd.

Barclays is now serving billionaires and affluent families across South Africa, Nigeria, Ghana, and Kenya, with a particular emphasis on the agritech and fintech sectors. According to the Henley & Partners’ 2023 Africa Wealth Report, South Africa boasts 37,800 high-net-worth individuals, while Nigeria is home to 9,800 millionaires. The report also predicts a 42% increase in high-net-worth individuals on the continent over the next decade, underscoring the importance of cross-country access and mobility as a safeguard against economic uncertainties.

Barclays has been actively involved in various deals and transactions recently, including facilitating the £910 million ($1.1 billion) sale of South Africa’s Life Healthcare Group Holdings Ltd.’s UK-based diagnostics business, Alliance Medical Group, and a stake sale in Gautrain, a high-speed rail project.

Annabelle Bryde, the head of UK private bank and Crown dependencies at Barclays, has reiterated the bank’s commitment to providing a comprehensive range of services for clients operating between their home country and the UK. This expansion in the African private banking sector demonstrates Barclays’ strategic approach to tap into the growing wealth and investment opportunities in the African market.