UAE: Barclays selling local retail arm


Barclays Bank is to sell its UAE retail banking franchise, reflecting the tough climate for foreign banks operating in the region. According to Reuters on 3 September, the British bank “will launch its £5.8bn ($9.1bn) cash call in two weeks”. “Barclays has decided to re-focus its efforts in the UAE on its key strengths in corporate and investment banking and wealth and investment management,” the bank said, declining to comment further. Barclays plans to keep its two branches in the country, to service corporate banking clients. The sale – which is likely to attract local lenders looking to expand – is expected to take more than a year to complete. On 16 September, First Gulf Bank (FGB) chief executive Andre Sayegh told reporters in Dubai that FGB was interested.