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Barclays granted licence to offer private banking in South Africa - Barclays granted licence to supply personal banking in South Africa

Barclays granted licence to supply personal banking in South Africa

Barclays has been granted a Monetary Advisory and Middleman Companies (FAIS) license by the Monetary Sector Conduct Authority (FSCA) in South Africa.

Barclays Financial institution PLC bankers will now be capable to proactively attain out to, and meet people in South Africa, to supply the advisory and discretionary services and products supplied by Barclays Personal Financial institution.

Amol Prabhu, newly appointed Africa market head for the Personal Financial institution may have regulatory accountability for the Africa companies.

Based mostly in Johannesburg, he has held a number of roles for Barclays through the previous 15-years, most not too long ago main the institution of Barclays Funding and Company Banking companies in Africa.

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By leveraging collaboration between Barclays Personal Financial institution, and Barclays Company and Funding Financial institution, Prabhu will ship the total spectrum of the financial institution’s capabilities for African shoppers looking for international and offshore options, the financial institution stated.

“We’re excited that this licence will permit the Personal Financial institution to service particular person shoppers in South Africa, together with the supply of tailor-made funding options to fulfill the particular and complicated wants of Household Workplaces and (U)HNWI, whereas additionally complementing our present Funding and Company Banking companies,” stated Prabhu.

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Salman Haider, head of world progress markets, Barclays Personal Financial institution stated: “We think about South Africa and the broader African continent to be an thrilling progress marketplace for the Personal Financial institution and are happy to have the ability to present our first-class international companies to Prosperous, Excessive Internet Price and Extremely Excessive Internet Price People within the area, while additionally connecting them to the broader Barclays providing.”

In October 2018, Barclays Financial institution PLC was granted a consultant workplace licence in South Africa, enabling it to offer company and funding banking companies. 

Absa Group stated not too long ago that its three-year programme to separate from Barclays is considerably full.

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The separation follows Barclays’s 2016 resolution to scale back its shareholding within the African group to a minority place. Barclays turned the bulk shareholder in Absa in 2005 and the 2 teams subsequently built-in techniques, processes and insurance policies over time.

“We’re closing an necessary chapter within the more-than-100-year historical past of the Absa Group as we wind up the previous few parts of separation,” stated Absa Group chief government Daniel Mminele.

Learn: South Africa to get new Human Settlements Growth Financial institution

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