Barclays Bank PLC, a major global financial services provider, today announced the launch of its retail banking services in the United Arab Emirates (UAE). Barclays aims to reinvent retail banking in the UAE, giving customers choice, great service and more control over their finances.
Barclays has operated in the UAE for over thirty years and is now expanding in the Emirates as part of its strategy to increase its exposure to attractive emerging markets and the reach of its retail banking service. The bank launched its UAE mortgage business last year, breaking the mould with its Mini-driving sales team.
Ahmed Khizer Khan, CEO of Global Retail and Commercial Banking Emerging Markets commented: “Two weeks after opening our retail bank in India, the launch of retail banking in the UAE is the latest step as Barclays delivers on its stated aim of increasing the proportion of profit generated from outside the UK. Increasing exposure in attractive emerging markets is central to that strategy and Barclays sees the UAE as high potential. Based on the extraordinary economic development this country is witnessing, I can only describe the UAE as the financial hub of the region, and where Barclays is now embarking on its own journey.”
Customers in the UAE are being offered new products that make it easier to bank with Barclays. Using technology and an innovative mobile sales force, Barclays will take its banking services to its customers in the UAE instead of the customer coming to the bank. This new approach coincides with the launch of Barclaycard, current and savings accounts, NRI banking and personal loans
Barclaycard will launch a range of credit cards that, for the first time in the UAE, allow customers to choose what they pay, what they get and what reward they earn on their credit card. The current accounts and savings will offer a range of new products offering flexibility and outstanding customer service where customers can walk into a Barclays centre and walk out 15 minutes later with a debit card, cheque book and full welcome pack.
Personal loans from Barclays offer longer repayment terms to keep monthly payments low and a flexible approach to assessing applications which takes into account a customer’s length of time in the UAE, not just with their current employer. The loan is even offered to individuals who have recently moved into Dubai and/or started a new job.
Amin Habib, Managing Director, Barclays, UAE & GCC said: “When I look at the range of products we are launching today, each of them offers something new to customers in the UAE. Being different and providing better solutions is what Barclays will bring to this market and we will back it up with the great service that people expect from a brand like Barclays.”
Amin Habib continues: “We have adopted an innovative and customer-centric approach to banking. We do not believe one size fits all and have therefore re-invented the way in which banking in this market has traditionally been defined. We will not engage in a product push approach, but will instead focus on providing unique solutions underpinned by a clear understanding of customer needs and aspirations. We believe this will provide us with the platform of building long lasting partnerships with our customers, and ultimately driving customer loyalty.”
The bank is expanding its operations in Dubai and Abu Dhabi with two offices currently operating and a service centre opening in June. By the end of the year, Barclays network will include two branches, three service centres and an ATM network. The use of technology and an innovative mobile sales force will also make it easier for customers: Barclays will bring banking to them.
