The Changing Face of Africa’s Private Banking
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The Changing Face of Africa’s Private Banking

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  • Tawanda Karombo

    Tawanda Karombo is a zimbabwean award-winning journalist who covers finance, fintech and fixed income. He contributes to a range of publications including Global Finance magazine, Quartz Africa, The Times, Forbes Africa and Sunday Times.

Wealth management and navigating uncertainties stemming from the pandemic are shaping new approaches to private banking in Africa. African private banking clients are demanding technology solutions, remote banking and offshore investment under their portfolios according to some private bankers.

As international finance institutions such as Credit Suisse move out of wealth management and private banking in Africa, other international finance institutions, pan African and regional banks and some local players are stepping into the game.

Africa’s banking sector was suffered disrupted by the Covid-19 pandemic, which also fast-tracked the move into digital platforms.

In February, Credit Suisse reached an agreement with Barclays for the British bank – which exited the Africa region after divesting from Absa a few years ago – to take over its wealthy clients in about nine African markets. The deal encompasses private banking and wealth management.

This came as Credit Suisse said it was moving out of “non-core wealth management markets primarily in Sub-Saharan Africa,” though it would remain in the lucrative South African market. Markets affected by this move includ...

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Tawanda Karombo