First Gulf Bank May Bid For Barclays’ UAE Retail Arm – CEO

British lender Barclays decided to sell its retail banking business following a strategic review of UAE operations.



First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, may look to buy Barclays Plc’s retail banking operations in the United Arab Emirates, FGB’s chief executive said on Monday.

The British lender has decided to sell the retail banking business following a strategic review of operations in the Gulf Arab state, it said earlier this month.

Local lenders in the UAE are expected to bid for the business, which includes credit card, mortgage, personal lending and deposit-taking operations.

“The bank is open for such opportunities. We may be doing due diligence on Barclays (UAE business),” FGB chief executive Andre Sayegh told reporters in Dubai.

“We’re looking for synergies so if it makes sense, we’ll go for it,” he said.