Barclays to sell off retail bank in the Gulf
Barclays will sell its retail bank in the United Arab Emirates, highlighting the challenges foreign banks face in the Gulf competing against cash-rich local rivals who are finding it easier to meet stricter rules on risk.
Under chief executive Antony Jenkins, the bank is axing at least 3,700 jobs globally, reining in pay of senior bankers and closing businesses across the group in the face of new capital rules.
It will launch its £5.8bn cash call in two weeks, according to people familiar with the matter.
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Hide Ad“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.
The potential sale may impact up to 280 employees, a source said, adding the lender plans to offload its retail portfolio in the Gulf Arab country.