Dubai, 30 May 2007 - Barclays Bank PLC, a major global financial services provider, today announced the launch of its retail banking services in the United Arab Emirates (UAE). Barclays aims to reinvent retail banking in the UAE, giving customers choice, great service and more control over their finances.
Barclays has operated in the UAE for over thirty years and is now expanding in the Emirates as part of its strategy to increase its exposure to attractive emerging markets and the reach of its retail banking service. The bank launched its UAE mortgage business last year, breaking the mould with its Mini-driving sales team.
Ahmed Khizer Khan, CEO of Global Retail and Commercial Banking Emerging Markets commented: "Two weeks after opening our retail bank in India, the launch of retail banking in the UAE is the latest step as Barclays delivers on its stated aim of increasing the proportion of profit generated from outside the UK. Increasing exposure in attractive emerging markets is central to that strategy and Barclays sees the UAE as high potential. Based on the extraordinary economic development this country is witnessing, I can only describe the UAE as the financial hub of the region, and where Barclays is now embarking on its own journey."
Customers in the UAE are being offered new products that make it easier to bank with Barclays. Using technology and an innovative mobile sales force, Barclays will take its banking services to its customers in the UAE instead of the customer coming to the bank. This new approach coincides with the launch of Barclaycard, current and savings accounts, NRI banking and personal loans
Barclaycard will launch a range of credit cards that, for the first time in the UAE, allow customers to choose what they pay, what they get and what reward they earn on their credit card. The current accounts and savings will offer a range of new products offering flexibility and outstanding customer service where customers can walk into a Barclays centre and walk out 15 minutes later with a debit card, cheque book and full welcome pack.
Personal loans from Barclays offer longer repayment terms to keep monthly payments low and a flexible approach to assessing applications which takes into account a customer's length of time in the UAE, not just with their current employer. The loan is even offered to individuals who have recently moved into Dubai and/or started a new job.
Amin Habib, Managing Director, Barclays, UAE & GCC said: "When I look at the range of products we are launching today, each of them offers something new to customers in the UAE. Being different and providing better solutions is what Barclays will bring to this market and we will back it up with the great service that people expect from a brand like Barclays."
Amin Habib continues: "We have adopted an innovative and customer-centric approach to banking. We do not believe one size fits all and have therefore re-invented the way in which banking in this market has traditionally been defined. We will not engage in a product push approach, but will instead focus on providing unique solutions underpinned by a clear understanding of customer needs and aspirations. We believe this will provide us with the platform of building long lasting partnerships with our customers, and ultimately driving customer loyalty."
The bank is expanding its operations in Dubai and Abu Dhabi with two offices currently operating and a service centre opening in June. By the end of the year, Barclays network will include two branches, three service centres and an ATM network. The use of technology and an innovative mobile sales force will also make it easier for customers: Barclays will bring banking to them.
Product details Barclaycard
The UAE Barclaycard offers all of its cardholders Classic, Gold and Platinum the opportunity to choose the rewards, features and fee options that best suits them. Three bundles are available Preferred, Priority and Prestige - giving customers the flexibility to choose what they pay, what they earn and what they get.
Rewards points can be redeemed for movie tickets, airline tickets, electronics, groceries and fashion while the Barclaycard Butler service offers: free couriers in the UAE; free Visa document drops at the airport; on-call maid; butler and driver service; airport transfer service at a low rate; occasion reminder service and gift buying.
Personal Loans
Barclays will offer three personal loans which are flexible to the customers circumstances and include a range of features. Barclays has a unique approach to assessing applications which considers the customers length of residence in the UAE NOT just in their current job.
Transaction Banking
Barclays launches Branch Banking facilities in the UAE with a range of transaction accounts and investment services:
- Current and Savings accounts
- Term deposits
- X ceed account
- Classic account
- International Banking
- NRI business
- Investments
- Premier Banking
The key benefits of banking with Barclays are:
Cheque Protect
Cheque Protect prevents cheques being returned unpaid. Customers simply designate one or more accounts as protected and, if insufficient funds are available, Barclays will search other account balances to ensure the cheque is paid.
Sweep Out
By sweeping funds automatically from a Savings Account into a Fixed Deposit Account, the customer enjoys the higher fixed deposit rate but doesnt lose the flexibility of the savings account.
Supplementary Debit Card
As an added convenience to our customers we provide a supplementary debit card for spouses, without actually being a joint account holder - living in the UAE or anywhere else in the world.
Fixed Deposit Post Dated Managers Cheque
When a fixed deposit is opened, the customer receives an upfront cheque for the maturity value (principle and interest to be accrued). When the deposit matures, the customers can access funds by simply presenting the managers cheque and without having to contact the branch.
Relationship Manager
Barclays provides a dedicated relationship manager for customers earning AED 15,000 per month and above or with deposits of AED 50,000.
Mortgages
Barclays has led the market in the UAE with the introduction of mortgages in foreign currencies including Pound Sterling, US Dollars and Euros and with its unique approach to selling through its advisors in Barclays-branded Minis. Since its launch in 2006, Barclays mortgage business has exceeded its targets.
- Offered to resident and non-resident buyers in the UAE
- Mortgages available for occupied and buy-to-let premises
- Maximum loan amount AED10 Million
- Repayment terms up to 25 years for more manageable monthly repayments
- Simple application process
- Competitive rates of interests
International Banking
To complement its market leading range, Barclays also offers its clients the option of NRI and International Banking. These services will be marketed and maintained through the new distribution network in the UAE. Barclays now offers it clients one global relationship through its onshore and offshore services.
-Ends-
About Barclays
Barclays PLC is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. We are one of the largest financial services companies in the world by market capitalisation. Operating in over 50 countries and employing 123,000 people, we move, lend, invest and protect money for over 27 million customers and clients worldwide. With over 300 years of history and expertise in banking, Barclays PLC has six major businesses.
UK Banking delivers banking products and services to over 14 million retail customers and 780,000 businesses in the UK.
Barclaycard is one of the leading credit card businesses in Europe, and has 9.8 million UK customers and 6.4 million international cards in issue.
Barclays International Retail and Commercial Banking operations have over 2 million international clients, in geographies which currently include France, Spain, Portugal, Italy, India, Africa and the Middle East. Absa has an additional 8.3 million retail customers in South Africa.
Barclays Capital, the investment banking division, provides corporate, institutional and government clients with solutions to their financing and risk management needs.
Barclays Global Investors is one of the world's largest asset managers and a leading provider of investment management products and services. Total assets under management at 31st December 2006 were $1.8 trillion.
Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing private banking, asset management, stockbroking, offshore banking, wealth structuring and financial planning services. At 31st December 2006, total client assets were 93.0 billion.
About Barclays in the Middle East
About Barclays Global Retail and Commercial 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 recognition 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 now also includes Retail. Amin Habib is the MD for the UAE/GCC and Ahmed Khan is the CEO Global Retail and Commercial Banking, Emerging Markets.
About Barclays Wealth
Barclays Wealth is the UK's leading wealth manager and has 93bn (US$184bn) client assets globally. It serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, financial planning, investment services and brokerage. Thomas L. Kalaris is the Chief Executive of Barclays Wealth and he joined the business at the start of 2006. Barclays Wealth is part of the Barclays Group, a UK-based financial services group, with a large international presence in Europe, Middle East, the USA, Africa and Asia. Barclays has been operating for more than 300 years with 25 million customers and 122,600 employees in over 50 countries.
Soha Nashaat, Managing Director, Head of Middle East, North Africa and Turkey for Barclays Wealth won the "Women Banker of the Year" award at the 6th Middle East Businesswomen and Leaders Achievements Awards ceremony, which was held on the 8th of March on International Women's day. The 'Woman Banker of the Year' is awarded by the institute to one woman whose professional achievements and personal integrity have made her an icon within the Middle East banking and finance industry. Her career achievements and contribution are clear evidence to how women's roles have changed in the Middle East banking and finance industry.
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over 996 billion. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs. Barclays Capital has offices in 26 countries, employs over 13,200 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide.
In the Middle East, Barclays Capital is licensed to operate from the Dubai International Financial Centre (DIFC) and the Qatar Financial Centre (QFC). Barclays Capital was in fact the first investment bank in the DIFC and one of the founding members of the QFC. 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 region is headed by Cyrus Ardalan, Vice Chairman.
Barclays Capital was recently involved in 2 landmark transactions which were awarded Deals of the Year 2006 by Islamic Finance News:
Deal of the Year, Ports, Customs & Free Zone Corporation (PCFC), US$3.50 billion Musharakah Pre-IPO Sukuk
Ijarah Deal of the Year, Nakheel, US$3.52 billion Ijarah Pre-IPO Sukuk
United Arab Emirates Deal of the Year, Ports, Customs & Free Zone Corporation (PCFC), US$3.50 billion Musharakah Pre-IPO Sukuk
For further information, please contact:
Florence Goodman,
Head of Public Relations & Corporate Relations UAE/ME
Tel: +9714 3626785,
Mobile : +97150 651 0871
Email: florence.goodman@barclays.com
Maitha Al Qader,
Public Relations Manager
Tel: +9714 3626772,
Mobile : +97150 6525903
Email: maitha.alqader@barclays.com
Press Release 2007
