Dubai, Asharq Al-Awsat – Barclays Bank PLC, announced the launch of its retail banking services , such as credit cards, in the United Arab Emirates, where the economy is surging.
The bank, which has been offering other banking services in the second-largest Arab economy for 30 years, will add two branches and three service centres by the end of the year to its current two offices in Dubai and Abu Dhabi. The bank launched its UAE mortgage business last year, breaking the mould with its Mini-driving sales team.
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 expansion into UAE comes two weeks after Barclays started retail operations in India. Retail products include savings accounts, personal loans, and credit cards issued through Barclaycard. By the end of the year, Barclays will have two branches, three services centers, and an ATM network throughout the 2.2 million-person country.