Pictet Opens South Africa Unit as Private Wealth Rises, BD Says

Banque Pictet & Cie SA opened an office in South Africa, the first time the Swiss private lender has had a presence in Africa in its 220-year history, Business Day reported.

Banking regulator, the Prudential Authority granted Pictet a license to open a representative office in the country, the Johannesburg-based newspaper said. Pictet had 724 billion Swiss francs ($942 billion) under management at the end of 2024, according to its website.