A new bank launches in South Africa

Swiss private banking giant Banque Pictet & Cie has opened a representative office in South Africa, marking its first-ever presence on the African continent.

The move follows approval from the Prudential Authority, which forms part of the South African Reserve Bank (SARB), granting the bank a licence to establish a representative office locally.

First step into Africa and South Africa

Founded more than 220 years ago and headquartered in Geneva, Pictet is one of Switzerland’s largest financial institutions. The broader Pictet Group had 724 billion Swiss francs (around R15 trillion) in assets under management at the end of 2024.

According to Business Day, the group is Switzerland’s second-largest financial institution after UBS and is considered Europe’s largest privately held financial institution.

Banque Pictet & Cie specialises in wealth management, asset management and asset servicing for private clients and institutions.

The bank’s expansion comes at a time when Africa’s wealthy population is projected to grow significantly. According to wealth reports from Henley & Partners, the number of millionaires on the continent is expected to increase by 65% over the next decade.

South Africa, as the continent’s most developed financial market, is often seen as a gateway for international firms looking to establish an African footprint.