First Gulf Bank may bid for Barclays' UAE ops, says CEO

UAE's third largest bank may make move after UK lender decides to sell retail business
First Gulf Bank may bid for Barclays' UAE ops, says CEO
By Reuters
Mon 16 Sep 2013 01:45 PM

First Gulf Bank (FGB), the UAE's third largest bank, may look to buy Barclays Plc's retail banking operations in the United Arab Emirates, FGB's chief executive said on Monday.

The British lender has decided to sell the retail banking business following a strategic review of operations in the Gulf Arab state, it said earlier this month.

Local lenders in the UAE are expected to bid for the business, which includes credit card, mortgage, personal lending and deposit-taking operations.

"The bank is open for such opportunities. We may be doing due diligence on Barclays (UAE business)," FGB Chief Executive Andre Sayegh told reporters in Dubai.

"We're looking for synergies so if it makes sense, we'll go for it," he said.

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