The Barclays Private Bank in Switzerland has successfully integrated the Africa business of Credit Suisse, along with its personnel, before the latter’s closure. CEO Rahim Daya stated that the integration is proceeding as planned. The bank has made significant investments this year, including hiring 40 new employees in Switzerland and signing a referral agreement with Credit Suisse. The Zurich team has grown from a handful of employees to over 20, and the CEO believes that reaching capacity in the office is a positive challenge.

Barclays Private Bank in Switzerland operates in both onshore and offshore business, with a focus on serving clients in emerging markets, the Middle East, Africa, and the UK. The bank’s strong connections to London and the Middle East, including Israel, are key factors in its positioning. Many of its clients have ties to the UK, having lived, studied, worked, or owned property there.

The bank’s referral agreement with Credit Suisse has resulted in around 200 new clients and approximately 20 employees joining Barclays in Dubai, Zurich, and London. The agreement allowed Credit Suisse to refer clients based in Sub-Saharan Africa to Barclays, with the transition requiring the clients’ consent and adherence to Barclays’ evaluation process.

Barclays has also seen growth in its onshore business in Switzerland, with new clients attracted to the bank’s agility and personalized service. CEO Rahim Daya plans to continue the integration process and monetize the investments made. The expanded team is working well together, and Daya frequently travels to Zurich and collaborates with colleagues. He expects it to take two to three years for new hires to prove their worth.