Barclays Bank on Wednesday announced the launch of its retail banking services in the United Arab Emirates (UAE).
Barclays has stated that it aims to reinvent retail banking in the UAE, giving customers more choice and control over their finances.
The financial services firm 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 an UAE mortgage business last year.
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.”
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.
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