Barclays ramps up aggressive growth plans

by Diana Milne Sunday, 17 June 2007

Barclays is set to launch an aggressive retail banking expansion strategy across "every country" in the GCC, the managing director of the bank's UAE and Gulf operations has revealed to Arabian Business.

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In the latest phase of its rapid growth plans the bank has been granted a licence to provide offshore corporate investment banking and wealth management services in Qatar.
Amin Habib, MD for Barclays in the UAE and the Gulf, said this would be followed by the establishment of retail banking services in the country if the bank successfully applied for a licence to operate onshore in Qatar.

He said the launch of retail banking services in the UAE earlier this month was "just the beginning" and that Barclays hoped to establish a presence in every country in the GCC.

"At the moment I would not exclude any of the GCC countries from our plans. Once we get Qatar off the ground we also plan to enter other GCC countries as well. Every single country in the GCC is attractive in some way," he said.Qatar's attractiveness lies in its GDP, growth rates, cost to income ratios and the number of banks, he added.



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