Barclays expand Private Banking Division across Europe
BSCC Patron member Barclays has established a new European hub in Dublin as the almost 350 year-old British bank looks to capture a larger share of the EU’s desirable wealth business. The target for this expansion will be the continent’s ultra-high-net-worth which focuses on clients with investable assets of circa $100m. Barclays has already achieved success in their existing private banking wealth management hubs in Monaco, Switzerland and Ireland with the objective, as described by the firm’s head of private banking operations in Europe, to “have a capital-light approach and work in very close collaboration with the investment bank locally” combined alongside a focus on family offices and institutional clients.
Europe is the second largest market, after the U.S.A., for high net worth individuals and accounts for roughly 20% of the total global market. Nations such as France, Germany and Italy will be primary focuses but expanding the company into a “truly European bank” will benefit all 4 divisions (personal banking, corporate banking, wealth management and investment management) of operation. You can find out more here.