Barclays given go-ahead to open private banking services for South Africans

The Financial Sector Conduct Authority has granted Barclays a licence to offer private banking.

Barclays has been granted a licence by the Financial Sector Conduct Authority (FSCA) to offer private banking services to the people of South Africa. 

Amol Prabhu has been appointed as the lead of the new private bank division, which is set to be based in Johannesburg. 

Amol has been with Barclays for 15 years, and most recently led the establishment of Barclays’s corporate and investment banking (CIB) services in Africa.

He will continue to hold the role of market head for the continent and has responsibility for all its businesses in Africa. 

Barclays has just completed a R12.5 billion, three-year separation from Absa, which comprised mainly IT and brand projects, and commenced on 6 June 2017. 

Read more: Absa group FD Jason Quinn: We are putting an important chapter of our history behind us