Company Press Release:
The Chairman of Barclays Private Banking, The Rt. Hon. The Lord Fellowes, has confirmed the bank’s plans to increase resources in its UAE-based Gulf business in the face of an increasingly competitive financial services industry.
“We see ourselves, more than ever, as project partners as the face of the economy continues to change,” said Lord Fellowes, speaking at the 25th anniversary celebrations of Barclays in the UAE attended by His Highness Sheikh Suroor bin Mohammed Al Nahyan, Head of the Presidential Court and His Excellency Sultan Nassir Al Suwaidi, Governor of the Central Bank.
“During the past quarter of a century we have invested substantially in our business in the UAE, investing in our people, infrastructure and the technology to support the increasingly sophisticated needs of our clients,” added Lord Fellowes.
“Through Barclays Capital we will be increasing our resources in the areas of project finance, debt capital markets and promoting the use of structured products such as fuel hedging and capital guaranteed instruments.
“And, through our private banking and international premier banking operations we will continue to offer expert solutions to the complex financial needs of our personal client base.”
Following the group’s alignment of its large corporate and investment banking divisions to enhance client offering and better penetrate the Middle East’s growing capital markets sector, Barclays recently appointed a dedicated Structured Finance Director to support its Middle East operations.
“Derek Rozycki is the first of several specialists we are placing in the region to address issues across the entire capital markets range, including syndicated loans, debt capital markets, derivatives, foreign exchange, securities and structured capital markets,” said Vince Cook, Managing Director, Gulf, Barclays Capital.
Barclays is one of the leading banks in the Middle East and North Africa region. The bank has branches in Dubai, Abu Dhabi, Cairo and Alexandria, representation in Turkey and a shareholding in the Middle East Group SAL in Beirut.