‘Accelerating business across the continent and globally’ – a conversation with Amol Prabhu, Country CEO: South Africa and Market Head: Africa, Barclays

Amol Prabhu, Country CEO: South Africa and Market Head: Africa

Barclays is synonymous with Africa, having a deep and rich history on the continent. In 2020, Barclays was granted a Financial Advisory and Intermediary Services (FAIS) license by the Financial Sector Conduct Authority (FSCA) in South Africa, meaning it can provide offshore Private Banking services to individual South African clients. This was in addition to its existing Representative Office license which was issued by the South African Reserve Bank (SARB) in 2019 and permits its global Investment and Corporate Banking businesses.

Invest Africa caught up with Amol Prabhu, Country CEO: South Africa and Market Head: Africa to understand why he is so optimistic about the current Barclays positioning in Africa.

Amol’s background comprises nearly 20 years at Barclays in both Investment and Private Banking where he has always focused on Emerging and Frontier Markets, while being based in London, Dubai, Hong Kong and presently Johannesburg. Amol holds a Masters in Law and International Finance from the University of Cambridge.

1.       Barclays is an iconic British institution, whose brand is known internationally. How do you feel it is positioned in Africa?

Barclays is very well positioned in Africa. We have over a century of history of serving clients on the continent and furthermore, have an extensive track record as one of the world’s oldest financial institutions, having been around for over 330 years. That brings with it a reputation of stability and security as well as responsibility: we are both part of the fabric of the global economy, as well as the local economies in which we operate.

As a result of this history and our global reach, many of our African clients have an ‘emotional connection’ with the Barclays’ brand. For example, many African clients held their first bank account with Barclays, or their parents’ first account, or they may even have benefitted from a Barclays’ scholarship to study in the UK. Barclays is an institution that supports clients on every part of their journey and it is one of the reasons why I have stayed at the firm for nearly two decades.

While our business model in Africa has changed and adapted over time, we have a long standing commitment to the continent. Importantly we are independent and our focus now is on developing our franchise model across Private, Investment, and Corporate Banking. We identified a real client need for an independent, stable financial partner with a strong South Africa / Africa-UK nexus and we have developed a compelling product proposition with an experienced Africa focused team to support client needs.

2. What is Barclays current offering and clientele across the continent?

Barclays in Africa is fully operational across three businesses: Private, Investment and Corporate Banking and is focused particularly on Sub-Saharan Africa.  We have established a state of the art office in Johannesburg with an experienced team of bankers as well as over 75 staff globally that have deep ‘Africa experience’. This is part of our wider local, regional – yet global – client coverage strategy.

The Private Bank supports Global Families, Family Offices and Ultra-high- and high net-worth individuals with a range of services including, investments, private assets, wealth advisory, succession and next generation planning, and philanthropy. The Investment Bank supports African clients seeking global solutions and global clients seeking to access the African continent - across Corporate Finance (M&A, Equity (e.g. listing on the LDN stock exchange). Debt (e.g. Bond raising), Capital Markets and Risk Management (Hedging etc.). Barclays Corporate Bank supports international entities of African companies and African entities of international companies across trade finance, payments, working capital facilities. All of our businesses have a full range of ‘sustainable / green’ products.

While each business is equally important what is most crucial is that we are bringing the full ‘Power of One Barclays’ to our clients - connecting them to the broader Barclays’ offering and unlocking the full capabilities across the group.

3.There are many banks particularly here in South Africa, what makes Barclays different?

Barclays is distinctively positioned to meet multi-jurisdictional, multi-generational and multi-location client needs by taking a ‘client centric’ approach. Our primary aim in Africa is to support clients, not only with their financial needs between Africa and the UK, but also globally, whilst helping to develop trade and boost investment in Africa.

For example, we have a global family where the grandparents are in South Africa, the parents in the U.K. and children spread across the UK, Dubai and India. We support each family member, both locally and holistically. That is powerful - it creates a level of support and service that is unparalleled, as well as being able to deliver customised solutions built on a very deep understanding of our clients and their short, medium and long term goals. Being there across continents, for the entire journey, drawing on the right specialists and support at every stage, is, in my opinion, one of the key reasons why Barclays is unique

4. How important is Barclays’ global reach to African clients?

Clients tell me that it is Barclays’ independence, history, financial stability and focus on global connectivity across multiple jurisdictions that is what matters to them most. Barclays is headquartered in the UK, has a huge presence in the US and is also relevant across Europe, the Middle East, India and Asia. This broad geographic coverage is bolstered by a multi business focus and a ‘one bank’ mind-set which brings the whole expertise of the Barclays’ franchise to every client.

One example of how we have provided real value to a client is a South African business family that I met with here in Johannesburg. The son was relocating to the UK to run the international operations of the business and within 24 hours of landing in the UK, we had opened their accounts and provided  debit and credit cards. In time, we worked with the client to sort the family home in the UK and provided the relevant mortgage, we also helped them with their investments, all led by the Private Bank. In parallel, in the professional space, the Corporate Bank provided a working capital facility for the business and the family is now at the stage of looking at Investment Banking solutions. This is a prime example of how we work with a client and support their entire family and journey, no matter the location. Few banks can deliver the local/global and multi-business dimensions offered by Barclays.