Barclays obtains banking license to operate in Qatar
Barclays Bank PLC (Barclays), one of the world's largest banks, today announced that it has been granted a banking licence by the Qatar Financial Centre Regulatory Authority to operate from the Qatar Financial Centre (QFC).
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| : Cyrus Ardalan, Vice Chairman of Barclays Capital, receives QFC license. (Pictured from left) Ahmed Khizer Khan (Chief Executive Officer New Markets, Global Retail & Commercial Banking Barclays), Stuart Pearce (Chief Executive Officer of the Qatar Financial Centre Authority), Cyrus Ardalan (Vice Chairman of Barclays Capital), William Oullin (Chairman Barclays Private Bank) and Phillip Thorpe (Chairman & CEO of the Qatar Financial Centre Regulatory Authority).' |
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The licence takes effect on September 10th and is Barclays first significant geographic expansion in the Middle East since it first began operating in the region from the
UAE over 30 years ago.
Establishing a permanent presence in Qatar will provide Barclays with another platform from which to further develop its presence in the region and accelerate its growth. Barclays, which has clearly stated its intention to increase the proportion of income it generates from outside the UK, is focusing on some of some of the world's fastest growing economies. Qatar is a very attractive market with the highest per capita income in the Middle East and a GDP per capita which is amongst the highest in the world.
The banking licence to operate from the QFC has been granted to Barclays Bank PLC and the licence will initially cover products from the Group's investment banking arm Barclays Capital. Barclays Capital is one of the most prominent investment banks in the Middle East having significantly expanded its resources in the region in the past few years. Currently it is a leading provider of debt finance and risk management services to a broad range of clients across a growing geographic area.
Barclays has also applied to operate its Global Retail and Commercial Banking, and Barclays Wealth arms, under the same banking licence and will be seeking the approval for these additional activities from the QFC Regulatory Authority over the coming weeks. The expansion into these activities will further boost its presence in the country.
Cyrus Ardalan, vice chairman and head of Middle East and North Africa investment banking at Barclays Capital commented:
'Barclays aims to be amongst the world's leading banks and it is crucial that we gain customer confidence in our capabilities across the right segments, regions and products. To do this we need to ensure that we have the right geographic footprint which leads us to growing markets such as Qatar.'
'Historically, Barclays Capital has always been active in Qatar but securing a licence will provide a base from which we can develop a permanent presence in the country and expand further across the region. Qatar's transformation and achievements over recent times have been remarkable and we are delighted to be a part of this new era.'
Stuart Pearce, CEO of the QFC Authority says: 'We are delighted to welcome Barclays to the QFC. Their determination to obtain a license so quickly underscores the value they see in growing their business in Qatar and their recognition of the first class business and regulatory environment that we have created.
'The participation of institutions of the stature of Barclays in Qatar's rapidly growing market for financial services will help bring about the transformation of the economy to which the government has committed itself.'
Log in to request more information from Barclays
Notes and media contacts
For further information please contact:
Barclays Bank PLC & Barclays Capital
Florence Goodman, Head of Public Relations and Corporate Affairs UAE
Tel: +971 4 362 6785, Mobile : +971 50 651 0871
Perry Jones, Corporate Affairs, Barclays
Tel: +44 207 116 6142, Mobile + 44 7775 547 341
Qatar Financial Centre Authority
Steve Martin, Head of Corporate Communications and Marketing
Tel +974 4945466, Mobile +974 5831937
www.qfc.com.qa
About Barclays Bank PLC
Barclays PLC is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. We are one of the largest financial services companies in the world by market capitalisation. Operating in over 60 countries and employing over 118,000 people, we move, lend, invest and protect money for over 25 million customers and clients worldwide. With over 300 years of history and expertise in banking, Barclays PLC has six major businesses.
UK Banking delivers banking products and services to over 14 million retail customers and 641,000 businesses in the UK.
Barclaycard is one of the leading credit card businesses in Europe, and has 11.2 million UK customers and 5.3 million international cards issue.
Barclays Capital, the investment banking division, provides corporate, institutional and government clients with solutions to their financing and risk management needs.
Barclays Global Investors is one of the world's largest asset managers and a leading provider of investment management products and services. The total assets under management at June 30, 2006 were $1.6 trillion.
Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing private banking, asset management, stockbroking, offshore banking, wealth structuring and financial planning services. At June 30, 2006, total client assets were £84.7 billion.
Global Retail and Commercial Banking has over 2 million international clients, in geographies which currently include France, Spain, Portugal, Italy, India, Africa and the Middle East. Absa has an additional 8.0 million retail customers in South Africa.
About Barclays in the Middle East
Barclays has been present in the United Arab Emirates for over 30 years where it operates three distinct strategic business units covering the Middle East and North Africa region: Barclays Capital, Barclays Global Retail and Commercial banking and Barclays Wealth.
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC, which has an AA rating and a balance sheet of over £986 billion. With a distinctive business model, Barclays Capital provides large corporates, government and institutional clients with solutions to their financing and risk management needs. Barclays Capital has offices in 26 countries, employs over 10,500 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide. In January 2005, Barclays Capital received recognition from two of the finance industry's most prestigious publications by being named IFR magazine's 'Bank of the Year' and Risk magazine's 'Derivatives House of the Year'; and in November 2005, Financial News magazine awarded Barclays Capital 'European Investment Bank of the Year' in their annual Awards for Excellence. In addition, Barclays Capital ranked No.1 for Capital Raising in Euromoney's 2005 Capital Raising Survey.
In the Middle East, Barclays Capital is licensed to operate from the Dubai International Financial Centre (DIFC), having opened its office in the landmark Gate Building on 3 July 2005. Since spring 2004, Barclays Capital has significantly expanded the resources devoted to the Middle East, bringing the firm's expertise in debt financing and risk management to the region. The Barclays Capital team in the Middle East & North Africa region is headed by Cyrus Ardalan.
For further information about Barclays Capital, please visit our website www.barclayscapital.com.
About the Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
About the QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in London and other major financial centres. The Regulatory Authority is currently receiving applications and granting authorisations.
About the QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, September 10 - 2006 at 14:30 UAE local time (GMT+4)
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This Article was updated on Thursday, September 28 - 2006
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