UK bank Barclays is setting out plans to extend its private banking division to several European countries.
According to newswire Reuters, the company intends to start up business in France, Italy, Spain and Germany next year.
The newly appointed private banking head for Europe, Gerald Mathieu, said that Barclays already has a strong local footprint of corporate and investment banking, and plans to leverage that with its private banking expansion.
“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,” he told the newswire.
Barclays currently has European wealth management hubs in Ireland, Switzerland and Monaco and expects to grow its activities through its EU-licensed platform based in Dublin.