Company Press Release:
The Rt. Hon. Lord Fellowes, Chairman, Barclays Private Banking, will make his first visit to the UAE on Tuesday, November 7, as part of the leading multi-national financial service group’s silver anniversary celebrations of its launch in the Emirates.
"Lord Fellowes will give a keynote address at two VIP dinners we are holding to mark this important occasion," said Vince Cook, Managing Director, Gulf, Barclays Capital.
Lord Fellowes, who was Private Secretary to H.M Queen Elizabeth of the UK and Keeper of the Queen’s Archives for nine years, joined Barclays Private Banking as Vice Chairman in 1999. He is also Vice Chairman Commonwealth Institute 2000.
Barclays Bank International opened its first UAE branches in 1975.
"Our initial market entry focused on providing basic banking services and supporting the early stages of economic development," said Cook.
"We were also heavily involved in the import-export trade and gradually built up a good customer portfolio.
"Since then we’ve continued to prosper in the Emirates and been involved in a number of major infrastructure projects. These include: the financing of two television studios; an aircraft for Emirates Airline; Emirates Refinery in Sharjah; DUBAL; Emirates National Oil Company (ENOC) refinery; residential projects such as Al Habtoor Residence; hotel projects such as The Holiday Inn Crowne Plaza in Dubai, the Abu Dhabi Trade Centre and the Marina Mall in Abu Dhabi; and Power and Desalination Projects such as Al Taweelah A2.
Over the years Barclays has continually revised its customer services, most recently with the alignment of its regional wholesale business into Barclays Capital.
"This decision was driven by the significant opportunities we see in bringing more sophisticated capital market products to our large corporate and financial institutions client base," added Cook.
Earlier this year, the company launched its on-line Barclays Business Master International which will be rolled out across the Middle East later this year.
"Put simply, our corporate customers are now in greater control of their funds 24 hours a day, seven days a week," added Oliver Peck, Corporate Director, Barclays Capital. "Clicking into the service they can, for example, quickly identify surplus balances which can be transferred into interest earning accounts.
"And it helps them to manage cash flow problems which require immediate action so that unnecessary interest charges can be avoided."
Barclays Capital is the investment banking division of Barclays Plc, providing its clients with a broad range of integrated international financing and risk management products. The firm’s activities are focused on investment banking, debt capital markets, loan syndication, structured capital markets, derivatives, foreign exchange, money markets, futures, commodities and private equity.
In addition, the bank developed a thriving offshore retail banking unit, Barclays International Premier Banking and a successful private banking business.
Barclays has offered its International Premier Banking service since 1995.
It includes a personal point-of-contact in the Middle East giving expertise on the provision of offshore financial solutions through the company’s International Banking centers in the Channel Islands, Isle of Man and Knightsbridge, London.
Through their dedicated Relationship Manager, clients have access to a comprehensive range of Barclays banking and investment products and services. From early next year, this will also include access to a multi-currency Internet banking service, which will revolutionize the way clients conduct their banking with Barclays.
Barclays Private Banking was created to manage the affairs of wealthy individuals and their families and has been serving the needs of clients in the Middle East for over ten years. A truly global business, private banking is represented in 18 locations globally, giving clients the flexibility of having their assets managed and held in whichever legal and fiscal jurisdiction suits them best.
“As a market leader in the establishment of trusts and other fiduciary structures for private individuals, we are highly experienced in the identification and management of suitable vehicles for the protection and management of wealth during a client’s lifetime and beyond”, said Paul Rayner, Regional Director, Private Banking.
“We have dedicated teams based in London and Geneva serving the needs of clients in the region and our banking capabilities draw upon the strength of the Barclays Group to offer a range of services covering short and long term liquidity management, foreign exchange, lending and other treasury transactions”.
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.