Barclays to restart investment banking in Saudi Arabia after pulling out of the region 11
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
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.