Barclays Bank, one of the world's top ten banks by market capitalisation, has just celebrated 30 years in the UAE. During a visit in Dubai on Monday coinciding with its anniversary celebrations Barclays Bank chief executive John Varley was received by Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and Minister of Finance and Industry and by the Dubai International Financial Centre where a lunch was held in his honour. He also hosted Barclays celebration party which was attended by over 500 guests.
Locally, Barclays Bank operates three business units in the U.A.E.; wealth management, retail and commercial banking and Barclays Capital. Significant expansion has been taking place with the international premier banking launch last year, the recent move by its investment banking arm Barclays Capital into the DIFC as well as the opening of new offices on Sheikh Zayed Road. Significant investment is being made both in terms of capital and AED65m (GBP10m) of capital was also recently injected to support the growth of its retail and commercial banking business.
Barclays Bank has a stated strategic goal to increase the proportion of income it generates from outside the UK and sees the Middle East as a market with good potential for growth. The bank aims to grow in the region by providing a genuinely client focused service in the UAE and by leveraging the skills and capabilities of its distinct portfolio of businesses on behalf of its clients.
Speaking at the event to mark Barclays 30 years in the U.A.E., chief executive John Varley said: "We feel we can leverage our expertise and tradition of innovation in the region. There has long been a pioneering tradition in Barclays. Back in 1966 we invented the credit card. In keeping with our track record as an innovator, Barclays Capital was the first international investment bank to open an operation in the Dubai International Financial Centre. We are always looking for new ways to serve our customers better."
Varley added "We want to keep moving up the league tables. We have been in banking for over 300 years - the last 30 in the United Arab Emirates. We know our past well and we will use this knowledge to help our clients both now and in the future."
During the luncheon hosted by the DIFC, Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority commented: 'I congratulate Barclays on their 30th anniversary in the UAE and look forward to their continued success for many more years to come. They have unmatched and long-proven experience in the international banking industry.'
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About Barclays Bank PLC:
Barclays Bank PLC. is a UK-based financial services group, with a large international presence in Europe, the USA, Africa, Middle East and Asia. It is engaged primarily in banking, investment banking and investment management. In terms of market capitalisation, Barclays is one of the largest financial services companies in the world.
Barclays has been involved in banking for over 300 years and operates in over 60 countries with more than 111,300 permanent employees (including 32,500 at Absa). For the half year ended 30th June 2005, the group achieved a pre-tax profit of 2,690 million, up nine per cent on the same period in 2004.
About Barclays in the UAE:
Barclays has been present in the United Arab Emirates for 30 years where it operates three distinct strategic business units covering the Middle East and North Africa region:
1. Barclays Wealth Management comprising Private and Premier Banking
Private Banking
The Private Bank recently expanded its Middle East team, providing outstanding personal service and world class expertise to help its clients manage, protect and grow their assets. The team is headed by William Oullin, Barclays Private Bank Chairman.
Barclays International Premier
Barclays International Premier in the UAE provides independent advice and personal service to clients with assets in the range $200,000 to $42 million. Unlike most other Premier banking services, it gives access to hundreds of investment solutions from the best investment managers worldwide without simply "pushing" a limited range of products. This gives clients the benefit of services (previously only available to the largest private and institutional investors). The UAE team comprises some 20 Relationship Managers based in Abu Dhabi and Dubai, and is headed by David Inglesfield. The team recently launched a range of multi manager portfolios for U.A.E. personal customers that provides access to professional investment managers who are usually restricted to large institutional investors dealing with billions of dollars.
2. Barclays Commercial and Retail Banking
Barclays Commercial Banking offers a wide spectrum of customised solutions to meet the needs of its customers. This ranges from vanilla trade finance requirements such as letters of credit and guarantees to more complex products such as commodity financing, acquisition financing and structured financing packages for specific sectors such as property. The solutions provided by Barclays Commercial Banking are tailored, and can be rapidly customised to meet the evolving needs of its growing customer base. In cognisance of the strong trade and investment linkages within the Gulf and North African region, the Barclays Commercial banking team has developed its regional hub in the UAE and as a result is able to offer a seamless and integrated offering across the Middle East and North Africa. The operation also includes Retail. The team is headed by Mark Petchell for the UAE and Saleem Sheikh for the Middle East and North Africa.
3. Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC. In January 2005, Barclays Capital received recognition from two of the finance industry's most prestigious publications by being named IFR magazine's 'Bank of the Year' and Risk magazine's 'Derivatives House of the Year'. With a distinctive business model, Barclays Capital provides large corporates, government and institutional clients with solutions to their financing and risk management needs. In the Middle East, Barclays Capital is licensed to operate from the Dubai International Financial Centre (DIFC), having opened its office in the landmark Gate Building on 3 July 2005. Since spring 2004, Barclays Capital has significantly expanded the resources devoted to the Middle East, bringing the firm's expertise in debt financing and risk management to the region. The Barclays Capital team in the Middle East & North Africa is headed by Nicholas Hegarty.
For more information please contact:
Florence Goodman
Head of Public Relations and Corporate Affairs
Barclays Bank PLC
UAE
Tel: +971 4 362 6785
GSM: +971 50 651 0871
Email: florence.goodman@barclays.com
Mira Sadek
Senior Account Executive
Impact Porter Novelli
Tel: + 9714 3304030 Ext412
GSM: + 97150 644 3278
Email: m.sadek@ipn.ae
Barclays PLC
Website: www.barclays.com
Barclays Capital
Website: www.barclayscapital.com
© Press Release 2005
