Grosoli will join the Monaco business in May from his position as Head of Private Banking at HSBC in Monaco, where he was accountable for teams servicing clients from Europe, Middle East, Africa and Latin America.

In his new role Grosoli will lead the expansion of Barclays Wealth’s Monaco-based operations, and the continued broadening of the product offering to existing and new clients. Additionally he will join the International Private Banking management team reporting to Gerard Aquilina, Managing Director and Head of International Private Banking.

Aquilina commented: “Francesco has a first class profile in the industry, based on exemplary client understanding and his breadth of product knowledge. We are investing substantially in the growth and quality of our international platform and Francesco brings significant expertise and leadership quality to our management team."

Commenting upon both this appointment and a series of other high profile hires since he took over as Chief Executive of Barclays Wealth, Thomas L. Kalaris, said: “Francesco is an excellent example of leading talent in our industry being excited by our recent achievements and ambitious forward plans. Through the clarity of our offer, we are continuing to attract the very best talent in each of the marketplaces where we are active.”

The appointment follows the decision of existing Director General, Jean-Bernard Buisson, to retire from the bank after 36 years service with Barclays. Buisson will step down from his current role on the arrival of Grosoli and after a controlled handover period, following which Buisson will continue to be an Ambassador for Barclays in the Monaco Principality.

Grosoli said: “I am delighted to be joining Barclays Wealth at this time. Under Jean-Bernard Buisson, Barclays in Monaco has established a franchise which is renowned for its quality and robustness and not least its extensive client relationships. I am honoured to have an opportunity to lead the next chapter in the growth of the bank’s Monaco centred activities.”

Barclays Wealth has GBP93 billion (US$183 billion) in client assets globally. It serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, financial planning, investment services and brokerage.