FILE PHOTO: A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain, July 8, 2019. REUTERS / Simon Dawson
October 7, 2020
By Brenna Hughes Neghaiwi
ZURICH (Reuters) – Barclays
Gerald Mathieu, who became Barclays’ Head of Private Banking for Europe outside the UK in September, said the UK bank intends to open in France, Italy, Spain and Germany next year.
“These are the countries in which we see many opportunities, also because we have a very strong footprint in corporate and investment banking locally,” Mathieu said in an interview.
“The idea is to pursue a capital-saving approach and to work closely with the local investment bank in order to address family offices, high net worth individuals and some Qausi corporate or institutional customers.”
The bank said it was too early to disclose hiring plans.
Barclays, which does not separately report sales or profits for private banking, has wealth management hubs in Europe in Monaco, Switzerland and Ireland.
Mathieu said the company will expand its activities in new European markets through its European Union licensed platform in Dublin and work with local corporate and investment banking teams.
Mathieu, previously Barclays’ country director for Switzerland, said the bank had seen an influx of clients into Switzerland as the market gained traction amid the COVID-19 pandemic.
Both the Swiss and wider European private banking businesses saw growth in assets under management. The COVID-19 pandemic and negative interest rates posed particular challenges for companies and industry as a whole.
“The industry is facing global margin compression and very aggressive price competition,” he said. “The Europe-wide private banking business is profitable, but we have to anticipate our business model and adapt it to the challenges of this time.”
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)
This article originally appeared on www.oann.com