Last Updated: Mar 5, 11:52 am
Category: From the Web
Barclays on Tuesday 20 February said it was looking to Africa, southern Europe and the Middle East for future expansion as it revealed that half of its pre-tax profits of £7.1bn ($13.8bn) last year came from outside the UK.
John Varley, chief executive, suggested the bank was interested in expanding in markets where the Barclays name already resonates. “Markets to the east of us interest us more than markets to the west,” he said.
Barclays, which in recent years has reaped the benefits of the expansion of its investment banking and fund management businesses outside the UK, has now embarked on an ambitious international expansion for its retail businesses.
It plans to open 350 new branches in Spain, Portugal, Italy, the Middle East and Africa this year as part of an organic expansion strategy launched by Frits Seegers, the former Citigroup executive now in charge of Barclays’ global retail banking operations.
Open Cities can help organisations like Barclays Bank better understand new markets in the Middle East, help them respond to the development agendas of their host governments and offer practical assistance in developing skills and employment initiatives that meet their own CSR agendas.
