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Private Bank Business Of Barclays Expanded Into France And Italy


03/22/2021


Private Bank Business Of Barclays Expanded Into France And Italy
Barclays is aiming to grow its European wealth business in the wake of the United Kingdom having left the European Union and has since expanded its activities of ts private banking business to France and Italy.
 
Bernard Corneau and Carlo Baronio have been appointed as the heads of private bank coverage in France and Italy respectively, the bank said on Monday. Both the executives would be operating from the investment banking offices of the bank in the respective countries.
 
The bank has recently established its new European headquarters in Dublin in its efforts, just like many other lenders of Europe, to move away from serving only corporate and wealthy individual customers from London towards having a more pan-European business presence and the two newly appointed country heads will be supported by the new Dublin hub of the bank.
 
They will report to Pat McCormack, Head of Private Bank, Barclays Europe in Dublin.
 
The so-called ultra high-net worth end of the market, defined as clients with investable assets of around $100m, as well as the so-called family offices that take care and manage the wealth of rich families or individuals will be targeted by the newly appointed country heads.
 
The lender does not disclose profits or assets under management for its private bank which makes it difficult for analysts to gauge the success of a business which is arguably facing tough competition from its European rivals which are also aspiring to grow just like Barclay’s.
 
"Despite the Covid-19 crisis, we have continued to see strong growth in assets under management," Jean-Christophe Gerard, chief executive of Barclays private bank, told the media.
 
"Europe remains the second-biggest market for high net worth after the US, roughly 20% of the total global market, and we see opportunities to grow our market share in countries such as France and Italy where there is still strong creation of wealth," he said.
 
There were reports in October last year about the plans of the British bank to move into Europe with its private bank business to woo customers there. The aim of the bank was to cash in on the ties that its investment bank has with wealthy entrepreneurs, family offices and businesses.
 
"We are also thinking about other European markets, such as Germany, where we can leverage our existing relationships through our corporate and investment bank," Gerard said.
 
(Source:www.rte.ie)