Barclays enters Saudi market

The Kingdom is now the fourth country Barclays has entered into, after Egypt, Qatar and the UAE.

Saudi Arabia is “massive, nearly half, in terms of percentage of GDP of the Middle East and it is very important for us to be here,” said Benoit de Vitry, Managing Director of the London-based banking giant.

Recommended For You

'One Battle After Another' leads Hollywood's Golden Globe nominations

UAE gas demand to rise 50% in next 5 years, boosting investment opportunities

Arabic bisht, zaffa inscribed on Unesco's Intangible Cultural Heritage list

Want to rewrite the ending of your favourite show? UAE minister says AI could soon help

Dubai: Emirates eyes over 300 aircraft, 200 destinations before Al Maktoum airport shift

 

Addressing a Press conference, Vitry said that Barclays Saudi Arabia, or BSA, was honoured to have received its commencement letter from the Capital Market Authority, which allows them to conduct regulated activities now.

“The Middle East, especially Saudi Arabia, is an important market in which Barclays has a strong footprint and client base,” he said.

The conference was attended by a panel of Barclays executives including Barclays Chief Executive Officer for Middle East and North Africa John Vitalo, BSA Chairman Omar Selim, BSA Chief Executive Officer Ayman Sejiny and Vice-Ppresident for Marketing and Communications Dania Haffar Bazzy.

Sejiny said that the Barclays licence covers all available categories of securities business.

“BSA, a joint stock company, will combine the size, strength and international reach of Barclays Bank PLC with local presence and local staff to deliver the best solutions for its Saudi clients,” he added.

Vitry said that the licence from the Saudi regulatory authorities would further enable the bank to “expand [its] geographical presence and build upon our 35 years track record in the region.”

He added that Barclays had been among the top three banking institutions of the world in every product range that caters to the corporate/wealth segment or in terms of retail banking products and services.

“Establishing a local presence underscores our commitment to the Kingdom and to the region as a whole,” he said.

Sejiny said that about 30 Saudi executives and graduates will be hired as start-up officers for the bank operation in the Kingdom. He added that the bank would also enroll a number of Saudi youngsters in a staggered schedule in Barclays Graduate Programme for training abroad. Then, they will be deployed in Barclays operations worldwide including the Kingdom.

He said the local offices will serve as a platform to channel the global strength of the Barclays Group to serve customers and clients in the Kingdom.

Sejiny said that BSA had a market capitalisation of SR97,500,000. On the global level, Barclays is a major financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia.