Barclays Plc has decided to sell its retail banking operations in the United Arab Emirates after conducting a review of the business, the British lender said on Tuesday.
The potential sale may impact up to 280 employees, a source familiar with the plan said, adding the lender plans to offload its retail portfolio in the Gulf Arab country, which includes credit cards, mortgages, personal lending and deposit taking operations, while keeping its two branches in Dubai.
A separate banking source confirmed that the bank was keeping its Dubai branches to service corporate banking clients.
Under Chief Executive Anthony Jenkins, Barclays is axing at least 3,700 jobs, reining in pay of senior bankers and closing businesses across the group in the face of new regulatory curbs on risk.
“Following a strategic review, 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 provide any additional details.
Sources had told Reuters last month that the review of the bank’s retail business in the Gulf Arab state was taking place, with a disposal a likely option.
Barclays’ corporate banking, private banking and investment banking activities in the UAE are not part of the review. The bank’s retail operations in Egypt, where the lender has nearly 60 branches, is also unaffected by the move.
Source: Reuters