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Barclays to keep Swiss private banking growth momentum in 2019

Reuters  |  ZURICH 

By Hughes Neghaiwi and Gruber

(Reuters) - Britain's expects to have grown its Swiss private business by more than 10 percent this year and is looking to expand further in in 2019.

embarked on an international hiring spree across its division last year, targeting more business from a growing pool of millionaires and billionaires.

And the is now looking to recruit more relationship managers, product specialists and investment experts in and after business in grew better than expected in 2018, its Swiss head told

Barclays, which has around 300 employees across private and investment in Switzerland, plans to add six to 10 relationship managers, the money-earners who attract and serve customers in wealth management, in the year ahead.

"When you look at the market, there's a league that starts at 20 billion Swiss francs ($20.1 billion) in assets under management and credits," Mathieu said, adding that is now more than three quarters of the way to that mark.

"With the progress and momentum we have with clients, Barclays is already well on the way to achieving this goal over a short to medium-term timeframe," he added.

Barclays has carved out a niche among British and Middle Eastern clients looking to book money in Switzerland, and sees room to expand its onshore business for ultra-wealthy expats who are familiar with the bank's brand and British heritage.

"We are able to provide access to our investment and corporate bank, which makes a big difference when meeting ultra high net worth individuals and entrepreneurs," said Mathieu.

The banker, who previously led Barclays' international private out of Monaco, said uncertainty over Brexit could also prove a boost to the Swiss business.

($1 = 0.9972 Swiss francs)

(Reporting by Hughes Neghaiwi; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 21:20 IST