(Bloomberg) -- UBS AG, the Swiss bank seeking to boost profit from wealth management, said it plans to expand in Africa as economic growth rates surpassing 5 percent boost demand for banking services from the continent’s rich.

“Wealth management is key to the Africa franchise,” Sean Bennett, the Johannesburg-based managing director of UBS in sub- Saharan Africa, said yesterday in an interview. “That’s what we lead with. We want to increase our physical presence before year-end and then do more in the next few years,” he said.

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