Barclays private banking operations set for European expansion in 2021

The new head of private banking for Barclays has unveiled plans to expand across Europe next year.

According to private banking head Gerald Mathieu, the bank is planning to enter the new markets of France, Italy, Spain and Germany in 2021.

Barclays already operates private banking wealth management hubs in Monaco, Switzerland and Ireland.

Gerald, who became head of the firm’s private banking operations Europe outside Britain last month, told Reuters in an interview: “These are the countries where we see a lot of opportunities, also because we have a very strong footprint of corporate and investment banking locally.

“The idea is to have a capital-light approach and work in very close collaboration with the investment bank locally, targeting family offices, ultra high net worth individuals, and some quasi-corporate or institutional clients.”

Commenting on expanding during the COVID-19 pandemic, Gerald added: “The private banking business across Europe is profitable, but we have to anticipate and adapt our business model to the challenges of these times.”

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