Barclays has managed to double its private banking business in Africa thanks to the addition of ultra-wealthy clients that came over through a referral agreement with Credit Suisse.
According to Amol Prabhu, the head of African markets at Barclays, this has led to a substantial increase in the bank’s private banking unit, with twenty employees joining from locations such as Zurich, London and Dubai.
Given the customer demographic, Barclay’s is now focusing on expansion in countries such as Nigeria, South Africa, Ghana and Kenya.
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