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Banking News

South African banking group Investec has secured a European Union banking licence, opening the door to further expansion in Europe.

Now, Investec already has a significant presence in the UK and Ireland but wants to grow its business across the continent.

Since the whole Brexit thing in the UK, it made it more complicated for UK based banks to serve European clients. But a banking licence within the EU will help Investec overcome most of these challenges.

The new operation, called Investec Bank Europe, will be based in Dublin, Ireland, and will act as a central hub for the bank’s European lending activities.

Investec has been operating in Ireland since 2000, offering various financial and investment services. In recent years, it has also expanded its European operations through acquisitions and increased lending activities.

 

 

Investec CEO Fani Titi described the licence as a significant strategic development that would allow the bank to offer more services to businesses and wealthy private clients across Europe.

The Goal is To Double Private Clients

The expansion forms part of Investec’s wider plans to grow beyond its traditional specialist lending services and become a more comprehensive banking provider.

The bank has also announced ambitious growth targets, including plans to almost double its private client base by 2030. This would see its current base of around 128,000 private clients grow to approximately 250,000.

‘This would see its current base of around 128,000 private clients grow to approximately 250,000’

For a banking group with strong South African roots, this new European licence represents another important step in its international growth.