Barclays is granted a Financial Advisory and Intermediary Services (FAIS) licence by the Financial Sector Conduct Authority (FSCA) in South Africa. The licence will enable the bank to expand its customer base allowing it to offer advisory and discretionary products and services.
It appears that South Africa and the continent at large will provide great scope for Barclays Private Bank’s growth.
Salman Haider, head of global growth markets, Barclays Private Bank, told the media, “We consider South Africa and the wider African continent to be an exciting growth market for the Private Bank and are pleased to be able to provide our first class global services to affluent, high net worth and ultra high net worth individuals in the region, whilst also connecting them to the broader Barclays offering.”
In 2018, the bank was granted a representative office licence in South Africa to offer corporate and investment banking services to customers. More recently, it was reported that Absa Bank has nearly completed its plan to separate its three-year programme from Barclays.
Three years ago, Barclays had contributed $1 billion toward its three-year programme mainly comprising IT and brand projects. Now the separation necessitates replacement or rebranding of millions of assets in 12 countries. This also includes technology solutions. As part of the separation programme, a total of 270 projects have been delivered and technology solutions have been developed, media reports said.