Barclays sells its retail bank in the UAE
Published on Tuesday, September 3, 2013
7:00 AM //
Economics
DUBAI (Reuters) - Barclays will sell its retail bank in the United Arab Emirates (UAE), attesting to the difficulties faced by foreign banks to compete with their counterparts in the Gulf, better able to accommodate a regulation may become more punctilious under Basel III.
In 2010, Abu Dhabi Commercial Bank, a semi-public institution, had bought the local retail bank Royal Bank of Scotland for hundreds of millions of dollars.
"Barclays decided to focus on its strengths in the UAE, namely investment banking and corporate banking as well as investment and wealth management," said the British bank, without further comment.
Barclays, which will eliminate at least 3,700 jobs worldwide, more strictly regulates the remuneration of its officers and removes activities throughout the Group to comply with the new rules for establishing equity.
It will launch a capital increase of 5.8 billion pounds (6.9 billion euros) in two weeks, according to sources familiar with the matter.
According to a banking source, the bank will retain its two branches in the UAE to serve corporate clients.
The action Barclays wins 0.14% to 286.10 pence in London in the afternoon.
Wilfrid Exbrayat for the French service, edited by Jean-Michel Belot
