Barclays plc, a Britain-based investment bank and financial services company has announced an expansion of its private banking facilities to France and Italy in an effort to bolster its wealth business after Britain’s exit from the European Union (EU).
Barclays has reportedly appointed Carlo Baronio and Bernard Corneau as heads of private bank coverage in Italy and France respectively, both based out of the investment banking centers in those regions.
The two newly established offices will be supported by Barclay’s Dublin branch, which like many other banks in Europe is now shifting towards a pan-European model, after serving only corporates and wealthy customers out of its London hub.
Meanwhile, France and Italy branches will focus on the high-net-worth end of the market, which consists of clients with investable funds of over USD 100 million, and so-called family offices that manage assets of wealthy families and individuals.
However, the investment has not disclosed the relevant assets under management and profits for Barclays private banks, making it difficult to determine the success of a business that has fierce competition from European rivals.
Chief Executive Officer of Barclays private bank, Jean-Christophe Gerard was quoted saying that the bank has been seeing strong growth in assets under management despite the COVID-19 crisis. He added that Barclay’s is looking to expand its scope in countries such as Italy and France which have a prominent market of wealthy individuals.
The CEO further added that the financial services company is planning to diversify in other European markets such as Germany, where it can take advantage of the existing corporate and investment banking client base.
Europe ranks second only to the U.S. in the high net worth industry and captures roughly 20% of the total global market. In this context, analysts claimed that the bank plans to expand its European private banking services this October by leveraging ties to several wealthy families, businesses, and entrepreneurs in its investment banking segment.
Source Link –