Pretoria — Swiss private banking group Banque Pictet & Cie has officially launched a representative office in South Africa, marking its first entry into the African market.
The expansion follows regulatory approval from the Prudential Authority, a division of the South African Reserve Bank, which granted the Swiss institution a licence to operate a representative office locally.
Headquartered in Geneva and founded more than 220 years ago, Pictet is among Switzerland’s largest financial institutions. At the end of 2024, the broader Pictet Group reported assets under management of 724 billion Swiss francs, equivalent to roughly R15 trillion.
According to Business Day, the group ranks as Switzerland’s second-largest financial institution after UBS and is regarded as Europe’s largest privately owned financial services firm.
Banque Pictet & Cie focuses primarily on wealth management, asset management and asset servicing for high-net-worth individuals and institutional clients.
Its decision to establish a presence in South Africa comes amid projections of strong growth in Africa’s wealthy population. Wealth research by Henley & Partners indicates that the number of millionaires on the continent could rise by 65% over the next decade.
South Africa, widely viewed as the continent’s most advanced financial market, continues to serve as a strategic entry point for international firms seeking to expand their footprint across Africa.
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