Barclays to sell retail banking arm in the UAE

Tim Wallace
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BARCLAYS’ review of retail operations in Dubai has found they do not generate sufficient returns to remain part of the group and so will be sold.

The lender reviewed all of its business units earlier this year to see how they fit into its group, and repeated the process after the Bank of England said it needed to improve its leverage position.

“Following a strategic review, Barclays has decided to re-focus its efforts in the UAE on its key strengths in corporate and investment banking and wealth & investment management,” said a spokesperson.

It is thought the bank will split the unit into portfolios of mortgage, credit card, secured and unsecured loans, selling each of them off.

The credit card portfolio is a top 10 player in the UAE, and so is likely to be sold quickly. The sale is expected to go through by the end of 2014.

However, this means up to 280 jobs are at risk.