Barclays Wealth launches operations from Cyprus

Barclays Wealth Intermediaries, a division of Barclays Wealth, has launched its new proposition to the Cyprus intermediary and corporate market at an event hosted by Managing Director, Peter Horrell and newly-appointed Country Director, Lee Francis. 

Horrell told the Financial Mirror that Cyprus is among the top financial centres from where Barclays Wealth operates. A central part of the Intermediaries division provides multi-jurisdictional banking, where clients have access to any one of the sales teams based in Jersey, Guernsey, Isle of Man, Knightsbridge International (London), Gibraltar, Hong Kong, Singapore, Dubai and Geneva, as well as South Africa.

“Cyprus is home to many top quality intermediaries (accountants, lawyers, financial advisors) handling billions of euros in assets and we want to offer the very best in terms of products and quality of service that Barclays Wealth can offer and we plan to expand our business here significantly in the future,” said Horrell.

“We have invested heavily in our online capability so that local corporates and intermediaries can benefit from a state-of-the-art banking platform providing them with access to Barclays’ world-class investment expertise and local knowledge that will see existing and future clients benefit from a market leading service.”

“The business community in Cyprus is going from strength to strength.  Barclays Wealth Intermediaries (BWI) provides intermediaries and corporates with access to the world class treasury, cash management and investment expertise to enable businesses to capitalise on this growth,” added Francis.

 

— For the intermediaries

 

The Cyprus team will be operating out of the Group’s two branches in Nicosia and Limassol.

“We spend a lot of time to understand the needs of our intermediaries, their requirements and obligations and after that, most of them find it very convenient to deal with us,” said Horrell.

Cyprus‘s only AA-rated bank, Barclays has been a major player on the island for more than 90 years and operates under Barclays Wealth, Barclays Bank plc’s wealth management division. The business has re-launched following the substantial investment into its banking information systems in Cyprus and an investment of tens of millions of pounds in the development of the Intermediaries’ overall platform and services such as ICeB.

ICeB is linked up to Barclays UK banking platform, but has been designed for the intermediary market to enable local intermediaries to manage a large number of accounts on behalf of their clients, thus providing a virtual branch within their office. The business will target local intermediaries and corporates, including large law practices, insurers and accountancy firms. BWI will draw on its links with Barclays Capital and Barclays Global Investors to provide clients with world class investments and research. 

 

— Strong local presence

 

Lee Francis joins the business from Barclays Global, Retail and Commercial Banking where he was based in South Africa, developing ABSA’s corporate proposition. He heads a team of 52 experienced treasury and investment experts who have been recruited to provide both foreigners and Greek clients with market leading treasury, investment and cash advice.

To commemorate the launch of a top-of-the-league lineup of niche banking products and online services, BWI has also brought the Barclays Premier League trophy to the island for the first time ever for clients to see at an event hosted at the Limassol Four Seasons. Accompanying the trophy will be one of the game’s most enduring big names, former Liverpool striker Ian Rush.

The Intermediaries business, headed by Peter Horrell, provides financial advice, products and services to intermediaries and corporates seeking offshore/ cross border banking with over 30 years of dedicated offshore banking experience. BWI manages more than 900 clients and has grown significantly in the last three years, doubling its global assets under management to over GBP 16 bln. 

The Intermediaries business provides access to a wide choice of lending, deposit and investment products; bankers who understand client’s type of business; easier trading across international borders; excellent infrastructure and communications; a ‘collective wisdom’ of professional bankers, all experts in international business; and a world-class regulatory framework.

 

— BWI’s Cyprus offering

 

As a business centre, Cyprus offers many key benefits. A member of the Commonwealth and part of the EU, it can provide a stable location for businesses’ finances during times of economic and political volatility.

With its tax arrangements based on the British system, Cyprus has double tax treaties with 33 countries, including most major Western ‘high-tax’ countries. This is unusual for an international offshore financial centre and makes Cyprus a highly advantageous location for holding and investment companies trading across the Middle East, Eastern Europe and Russia.

 

— Products and services

 

There are a number of products and services available to meet customers’ needs.

Deposits – products to meet requirements for active cash (Current Accounts), reserve cash (Business Premium), strategic deposits (Treasury Fixed term) and solutions to meet the needs of Intermediary customers who manage their own clients’ funds (CLM – Corporate Liquidity Management).

Debt & Trade – solutions covering buying and refinancing property (International Trust Company Mortgage and Commercial Mortgages), buying equipment and funding projects (Flexible Business Loans & Treasury Loans), working capital (Overdraft) and trade facilities (Letters of Credit and Collections).

Foreign Exchange and specialist treasury – From plain exchange requirements when making a payment in another currency other than sterling through to derivatives, interest options and caps and collars.

Payments and Cash Management – to enable customers to make payments, collections and to undertake account reconciliation and cash management functions across a range of channels such as electronic, e-banking, cards, fax, paper and also through third party service providers.

Investment Advisory and Management for Professional Intermediaries and Corporates – to give clients access to a wide range of competitively priced services, investments and structured products. BWI can also call on the strengths of Barclays Capital and Barclays Global Investors. Clients can access their own personal Investment Advisor to create and maintain a portfolio which suits specific circumstances and objectives as an investor.