South Africa's Financial Sector Conduct Authority (FSCA) has granted Barclays a Financial Advisory and Intermediary Services (FAIS) license, according to a statement released by Barclays earlier today.
By implication, Barclays Bank PLC will now be able to approach individuals in South Africa with advisory and discretionary product offers from Barclays Private Bank in South Africa.
Barclays's newly-appointed Africa market head for the Private Bank, Amol Prabhu, will leverage collaboration between Barclays Private Bank and Barclays Corporate and Investment Bank to deliver the bank’s full activities to African clients seeking global and offshore solutions, the bank has said.
Defining their target market, the head of global growth markets, Barclays Private Bank, Samuel Haider, said, “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.”
This development follows Barclays's sale of its assets to Absa Group in 2016, an event which has led to the re-branding of the all banks that were owned by the now-defunct Barclays Africa.