Absa Bank, the South African subsidiary of Barclays, is planning to bring its wealth, asset management, stock broking and investment administration businesses under one umbrella.
The new structure will align with the global model of Barclays Africa’s parent, Barclays Group, which has a 62.3% share.
The new unit known as, wealth and investment management (WIM), will have ZAR225 billion (US$22.1 billion) in assets under its management.
Nomkhita Nqweni, head of the newly formed unit, said that the new platform is part of Barclays’s global wealth strategy aimed at bringing together the disparate asset management entities into a unified centre of investment excellence within the organisation.
Lee Francis, chief operating officer of the wealth division, said: "Barclays increased its holding to 62.3% after the South African bank acquired the bulk of the London-based lender’s African assets this year in an all-share deal worth ZAR18.3 billion. The new unit will have about 600 staff."
The Barclays Africa Group will now have three main divisions which include retail and business banking, corporate and investment banking, and the newly established unit.
The new structure is subject to regulatory approval.