Pictet Group Enters South Africa

Pictet Group, a Swiss multinational private bank, has opened its first office in Africa, establishing a representative presence in South Africa after securing regulatory approval from the South Africa===Prudential Authority (South Africa). This marks a significant expansion for the 220-year-old firm, coinciding with projections that the number of African millionaires will rise by 65% over the next decade. South Africa is considered a strategic entry point due to its developed financial hub and concentration of high-net-worth individuals. This move occurs as several other international banks, including HSBC and BNP Paribas, have exited or scaled back operations in Africa, citing rising compliance costs and currency volatility. Conversely, Revolut is also expanding into South Africa, applying for a banking license. Pictet Group specializes in wealth management, asset management, and asset servicing, overseeing over $900 billion in assets under management.