By Lawrence White
LONDON, March 22 (Reuters) - Barclays has expanded
its private banking business to France and Italy as it seeks to
grow its European wealth business in the wake of Britain's exit
from the European Union.
The bank said on Monday that it has appointed Bernard
Corneau and Carlo Baronio as heads of private bank coverage in
France and Italy respectively, both based out of the lender's
investment banking offices in those countries.
The duo will be supported by Barclays' newly established
European hub in Dublin as the bank, in common with many other
lenders in Europe, shifts from serving corporate and wealthy
individual customers out of a London hub to a more pan-European
model.
The pair will target the so-called ultra high-net worth end
of the market, defined as clients with investable assets of
around $100 million, as well as so-called family offices that
look after the wealth of rich families or individuals.
Barclays does not disclose profits or assets under
management for its private bank, making it hard to gauge the
success of a business that faces tough competition from European
rivals likewise looking to grow.
"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 Reuters.
"Europe remains the second-biggest market for high net worth
after the U.S., 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."
Reuters reported in October the bank's plans to expand its
private bank business in Europe, taking advantage of its
investment bank's ties to 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.
(Reporting by Lawrence White; Editing by Susan Fenton)