London-based Barclays bank is shifting its strategy in the UAE by focusing more on commercial banking by targeting larger local corporates and also realigning its retail banking strategy.
"In the UAE, Barclays Corporate will primarily target the commercial banking needs of larger local corporates and the local operations of multi-nationals, working in close co-operation with Barclays Capital and Barclays Wealth," said Zeeshan Saleem, Interim Managing Director, Barclays Corporate.
"The retail strategy in the UAE will be developed in close collaboration with Barclays Global Retail Banking and will operate through its existing branch network in Dubai and Abu Dhabi and we will sharpen our focus on the mass affluent segment.
"We remain committed to our offering in the UAE. It should not be inferred from this statement that we are reducing our Retail Operations in the UAE." said Saleem.
Barclays also denied media reports that it is curtailing its operations in the UAE but said shifting its focus towards larger local corporates.
Media reports said on Monday that the bank is curtailing retail operations in India, Pakistan, Russia and the UAE.
Barclays on Monday announced quitting retail banking operations in Indonesia, taking $150m hit.
The bank said earlier that it has reorganised its activities to form three business groupings - global retail banking, corporate and investment banking and wealth management and Absa.
By Waheed Abbas
© Emirates Business 24/7 2010
