Barclays reviews UAE retail banking operations

13th Aug 2013 09:15

Barclays is reviewing its retail banking operations in the United Arab Emirates (UAE) for the possible sale of the business, sources told Reuters.The British bank confirmed it was conducting a review of the business but did not provide any further details. The review is being conducted internally and is still at a preliminary stage, according to the sources.They said there were no independent consultants or financial advisers hired to find potential buyers as yet.The UAE business includes personal banking, lending and mortgage services and a credit card unit. It employs between 500 and 1,000 staff in retail banking.Corporate banking, private banking and investment banking activities in the UAE are not part of the review, the sources added. RD