Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, investment management, financial planning and brokerage. Part of the Barclays Group, one of the largest financial services companies in the world by market capitalisation, it works closely with all parts of the Group to leverage synergies from client relationship and product capabilities.
The Intermediaries & Corporates business, headed by Peter Horrell, is a key part of the Barclays Wealth division. It provides financial advice, products and services to Wealth Intermediaries and Corporates seeking offshore/cross border banking and has more than 30 years of dedicated offshore banking experience. Currently the business has c50,000 organisations banking with it, with assets under management of approximately £12bn (US$23.7bn).
Barclays Wealth Intermediaries & Corporates offers safety and security of funds, backed up by exceptional credit ratings from Standard and Poors. Horrell said: "We have launched in Dubai with a local dedicated team in place. We are a bank that specialises in offshore structures and non-resident, non-domiciled businesses. We have created an understanding of complex tax structures and the role of offshore centres in tax planning and risk management and the ways in which we can provide comprehensive financial services to the professional market in this space."
"The launch of the business in Dubai is very significant for the corporate market based here that have offshore or cross border banking requirements," he added. "This complements our existing Barclays onshore Corporate offering, which will also launch new propositions such as creating a market leading trade finance capability in the first half of this year and support international investors in the UAE and their investments overseas."
A central part of the Barclays Wealth Intermediaries & Corporates offering is providing multi-jurisdictional banking, where clients have access to any one of the eight geographically based sales teams that make up the business. The teams are in Jersey, Guernsey, Isle of Man, Knightsbridge International (London), Gibraltar, Cyprus, Hong Kong and Geneva. There is also a presence in South Africa and plans to launch a sales team in Singapore in early 2007.
Richard Corrigan, Dubai-based Associate Director, said "These are exciting times for Barclays Wealth Intermediaries & Corporates. This is a business that is growing rapidly and the addition of a local dedicated team in Dubai will provide clients with the ability to spread risk as we can open doors to banking in major offshore centres."
The expansion of Barclays Wealth Intermediaries & Corporates into Dubai is part of a wider focus for Barclays Wealth, which is already committed to growing its presence in the Middle East.
Caption: Peter Horrell, Richard Corrigan and Rageh Omaar with the winning Barclays Polo Team at the first ever Barclays Wealth Polo Challenge.
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Barclays Wealth Intermediaries & Corporates launches in Dubai
- United Arab Emirates: Thursday, January 25 - 2007 at 13:13
- PRESS RELEASE
Barclays Wealth Intermediaries & Corporates, a division of Barclays Wealth, formally launched to the offshore corporate market yesterday (Thursday, January 24) at an event hosted by Managing Director Peter Horrell and local Associate Director Richard Corrigan at the Al Bawardi Polo Ground.
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Notes and media contacts
Barclays Wealth Intermediaries & CorporatesThe Barclays Wealth Intermediaries & Corporates business provides clients with:
• Access to a wide choice of lending, deposit and investment products
• Bankers who understand client's type of business
• Provide easier trading across international borders
• Excellent infrastructure and communications
• A 'collective wisdom' of professional bankers, all experts in international business
• And a world-class regulatory framework
In addition to the geographically orientated teams Barclays Wealth Intermediaries & Corporates has a cross geographic "industry" segmented approach with regard to its Offshore Financial Markets sales team, who look after the needs of the Captive Insurance, Banking, Fund Management and General Insurance sectors.
Our Barclays Wealth Intermediaries & Corporates proposition is relationship based with the majority of customers enjoying the benefit of a dedicated relationship manager who in turn is supported by an assistant (Account Executive).
Barclays Wealth Intermediaries & Corporates Dubai Offering:
To provide a full range of Corporate Banking services to UAE based companies seeking an offshore banking provider. Typically these would be:
1. UAE based corporates trading through an offshore company for
a) Exposure to Western Markets
b) Ability to work within Western timeframes i.e. payments etc
c) Wealth creation/preservation outside of Middle East
2. Offshore structures incorporated by Professional advisors but ultimately beneficially owned by UAE residents for the purpose of acquiring assets within UAE or the West.
Products & Services offered by Intermediaries & Corporates
• Deposits - There are a number of products available to meet our customers' deposit needs. These include products to meet requirements for active cash (e.g. Current Accounts), reserve cash (e.g. Business Premium), strategic deposits (Treasury Fixed term) and also solutions to meet the needs of our Intermediary customers who manage their own clients' funds (e.g. CLM - Corporate Liquidity Management).
• Debt & Trade - Our debt product set offers solutions covering Buying & Refinancing property (e.g. International Trust Company Mortgage and Commercial Mortgages), Buying equipment and Funding projects (e.g. Flexible Business Loans & Treasury Loans), Working Capital (e.g. Overdraft) and Trade facilities (e.g. Letters of Credit and Collections).
• Foreign Exchange and specialist treasury requirements - From plain exchange requirements when making a payment in another currency other than sterling through to derivatives, interest options and caps & collars.
• Payments & Cash Management - A wide range of products, services and integrated solutions are offered to enable customers to make payments, collections and to undertake account reconciliation and Cash Management functions. These can be provided across a range of channels such as electronic, e-banking, cards, fax, paper and also through third party service providers.
• Investment Advisory and Management services for Professional Intermediaries and Corporates - Drawing on our associations, extensive research and position in the marketplace, Barclays Wealth can give clients access to a wide range of competitively priced services, investments and structured products. We are able to draw on the expertise of our in-house investment team to offer clients greater flexibility. We are also able to call on the strengths of Barclays Capital and Barclays Global Investors. Clients can access their own personal Investment Advisor, who will work with them to create and maintain a portfolio which suits their specific circumstances and objectives as an investor. Our Investment Advisors are not tied to Barclays Wealth or any other provider for investment products and we are committed to delivering genuinely objective and independent advice.
About Barclays Wealth:
Barclays Wealth was adjudged to be the UK's leading Wealth Manager in 2006 for the second year running by PAM (Private Asset Managers) and has £84.7bn assets under management globally (H1 2006). Barclays Wealth is made up of four business units - international and private banking, financial planning, investment services and brokerage. It provides customers with a comprehensive range of solutions to meet their wealth management needs, in the UK and overseas. Thomas L. Kalaris is the Chief Executive of Barclays Wealth and he joined the business at the start of 2006.
This further reflects our stated intentions to increase the scale of our operations in the Middle East. The appointment of Soha Nashaat as Head of Middle East, Barclays Wealth in 2006 was a significant new appointment for Barclays Wealth in the region, and we will share further updates in due course.
For further information please contact:
Florence Goodman, Head of Public Relations and Corporate Affairs UAE
Tel: +9714 3626785
Mobile : +97150 651 0871
Barclays Wealth London
Caroline Wells, PR Manager, Barclays Wealth Management
Tel: + 44 20 7114 7435
Mobile: + 44 7766 362715
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, January 25 - 2007 at 13:13 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sat Jan 27 2007.
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