Barclays to restart funding banking in Saudi Arabia after pulling out of the area 11 years in the past
Barclays is planning to restart investment banking in Saudi Arabia after pulling out of the oil-rich region more than a decade ago.
The bank said the expansion was ‘central to our Middle East growth strategy’ as it follows rivals in re-entering the market.
It will open an office in the capital Riyadh next year.
Barclays’ chief executive, CS Venkatakrishnan, told Bloomberg TV that the bank wanted to have a ‘good-sized office’ in the city’s financial district.
The lender has secured a provisional licence, which will pave the way to kick-starting investment banking and global markets activity in the region.
Saudi return: Barclays said the expansion was ‘central to our Middle East growth strategy’ as it follows rivals in re-entering the market
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