The UK-listed bank said the licence means that it can offer advisory and discretionary products and services offered by the private banking arm across South Africa.

Barclays has been granted a Financial Advisory and Intermediary Services licence in South Africa from the country’s regulator, the Financial Sector Conduct Authority.

The licence means that Barclays can now offer the advisory and discretionary products and services offered by Barclays Private Bank across South Africa. 

Amol Prabhu, recently named as Africa market head for the private bank, has regulatory accountability for the Africa businesses. Based in Johannesburg, Prabhu has had several roles at Barclays during the past 15 years, most recently leading the establishment of Barclays Investment and Corporate Banking services in Africa, it added.