Barclays Private Bank in Switzerland acquired Credit Suisse’s Africa business, along with its employees, before Credit Suisse ceased to operate as a standalone bank. The integration is proceeding according to plan, CEO Rahim Daya has told finews.ch.
«We found ourselves in an extraordinary situation this year and have made substantial investments,» Rahim Daya, CEO of Barclays Private Bank Switzerland, has said in an interview with finews.ch. Two growth initiatives played a role. «First, we’ve hired around 40 people in Switzerland since October 2022, and second, there was the referral agreement that was signed with Credit Suisse (CS) at the start of 2022.»
Daya says the team in Zurich has grown from a handful of employees to over 20. «We’re reaching the limits of our capacity in the office, but these are good problems to have,» the CEO of the foreign bank stationed in the Geneva office, says.
London Connections
The subsidiary of the major British bank is active in the onshore and offshore business in Switzerland and also boasts a number of multi-family offices (MFOs) among its clients. The bank notably has good connections with the Middle East, including Israel, and links with the UK’s financial center.
«Many of our clients have a connection with the UK and London. They’ve often lived there for a while, studied or worked there, or even own property there,» Daya explains.
Special Agreement in Africa
Accordingly, Barclays Switzerland is positioned to act as a hub for clients in the emerging markets, the Middle East and Africa, and the UK.
One significant step forward was the referral agreement with CS in February 2022, allowing the major bank to refer clients based in the Sub-Saharan Africa region to Barclays. «Around 200 clients have come over to us as a result, and about 20 employees in Dubai, Zurich, and London,» Daya says.
«As it was a referral agreement and not an acquisition, the switch was only made with the client’s consent. And they had to go through our usual evaluation process.»
Small and Agile
Barclays has also achieved growth in the onshore business in Switzerland. «One thing I’ve heard from new clients is that they felt lost at their previous bank and have come to us because they perceive us as small enough to be agile,» says the Barclays banker.
Next year, he plans to continue with the integration and monetizing the investments. The significantly expanded team works very well together, and he is often in Zurich or traveling with his colleagues. «It usually takes two to three years for a new hire to prove themselves. But the momentum can already be gauged in the first year.»
Pop-up Bank in Verbier
Daya plans to repeat an experiment that was initiated last winter. During this ski season, Barclays Private Bank is once again opening a temporary office in the luxurious ski resort of Verbier in Valais. «We intend to make use of the opportunity to foster client relationships there,» states Daya.
