Pictet Enters African Market as Foreign Banks Retreat

Banque Pictet & Cie, a Swiss private bank and financial services group, has established its first office in Africa. The firm received regulatory approval to open a representative presence in South Africa, marking a significant expansion in its over 220-year history.

This move occurs as several international banks have reduced their operations in South Africa and across the continent. Factors cited include rising compliance costs, currency volatility, and saturated markets.

South Africa as a Strategic Entry Point

Authorization from South Africa’s Prudential Authority signals renewed global interest in Africa’s growing private wealth segment. The country’s status as a major financial hub, combined with a concentration of high-net-worth individuals, makes it a strategic location for wealth managers seeking exposure to Africa’s expanding affluent class.

About Banque Pictet & Cie

Headquartered in Geneva, Pictet specializes in wealth management, asset management, and asset servicing for both private and institutional clients. The group manages over $900 billion in assets under management, ranking among Europe’s largest privately owned financial institutions and Switzerland’s second-largest bank by assets under management after UBS. The bank remains privately owned and governed by seven senior partners, alongside dozens of equity partners and an independent supervisory board.

Africa’s Growing Wealth Landscape

Pictet’s expansion coincides with a shift in Africa’s wealth landscape. The number of African millionaires is projected to increase by roughly 65 percent over the next decade. This growth is supported by entrepreneurship, natural-resource development, deepening financial markets, and increasing cross-border investment flows.

Author Information

Bunmi Bailey is Assistant Editor, Finance (Africa), at BusinessDay. She holds a degree in Economics from the University of Lagos and has over eight years of experience in content writing and journalism. Her career includes roles at BusinessDay Media, TechCabal, SBM Intelligence, and Finance in Africa.