British banking group Barclays is reportedly looking to extend its private banking business in the markets of France, Italy, Spain and Germany next year.

The bank has not revealed any hiring strategy as of now.

Barclays private banking head for Europe outside Britain was quoted as saying by Reuters: “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 qausi-corporate or institutional clients.”

In Europe, the bank already has wealth management hubs in Monaco, Switzerland, as well as Ireland. Switzerland has become particularly luring to the rich amid the Covid-19 crisis, stated Mathieu.

However, the bank does not register private banking revenues or profit separately.

It plans to grow its operations in Europe through its European Union-licensed platform in Dublin and will work alongside the local corporate and investment banking teams, noted the report.

Formerly the country head for Switzerland at Barclays, Mathieu was given a broader responsibility last month after an organisational overhaul at the private banking business. His remit now includes Europe, Monaco and Switzerland.

As the head of private bank for Europe, Monaco and Switzerland, Mathieu replaces Jean-Christophe Gerard who has now been appointed as the CEO of private bank.

Barclays Private Bank recently also named Effie Datson as the global head of family office and Melanie Aimer as the global head of client experience.

In another key development this year, Barclays secured a private banking licence in South Africa.