Absa Private Bank and Barclays Wealth have created a new wealth management business, Absa Wealth, to target South Africa's fast growing high net worth and ultra high net worth client base. Chris Hocking, previously a director at Barclays Wealth in the UK, has been appointed to head the new business. He will report to both Gerard Aquilina, head of Barclays Wealth's international business, and John Vitalo, chief executive of Absa Capital in Johannesburg. UK-based Barclays acquired a majority shareholding in Absa, South Africa's largest retail bank, in 2005. As part of the deal, the two banks agreed that Absa would acquire all Barclays' African businesses. A spokesman for Barclays Wealth said: "This is further evidence of the strength of the two organisations’ integrated partnership and recognises the tremendous potential and opportunities that exist to service the needs of the fast-growing wealth management marketplace in South Africa."