Barclays Wealth Unit in Dubai

Barclays Wealth Intermediaries & Corporates, a division of Barclays Wealth, formally launched to the offshore corporate market yesterday in Dubai.

The event was hosted by managing director Peter Horrell and local associate director Richard Corrigan at the Al Bawardi Polo Ground.
Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, investment management, financial planning and brokerage.

Part of the Barclays Group, one of the largest financial services companies in the world by market capitalisation, it works closely with all parts of the group to leverage synergies from client relationship and product capabilities.

The Intermediaries & Corporates business, headed by Peter Horrell, is a key part of the Barclays Wealth division. It provides financial advice, products and services to Wealth Intermediaries and Corporates seeking offshore/cross border banking and has more than 30 years of dedicated offshore banking experience. Currently the business has 50,000 organisations banking with it, with assets under management of approximately £12 billion ($23.7 billion).

Barclays Wealth Intermediaries & Corporates offers safety and security of funds, backed up by exceptional credit ratings from Standard and Poors.
Horrell said: “We have launched in Dubai with a local dedicated team in place. We are a bank that specialises in offshore structures and non-resident, non-domiciled businesses. We have created an understanding of complex tax structures and the role of offshore centres in tax planning and risk management and the ways in which we can provide comprehensive financial services to the professional market in this space.”
“The launch of the business in Dubai is very significant for the corporate market based here that have offshore or cross border banking requirements,” he added.

A central part of the Barclays Wealth Intermediaries & Corporates offering is providing multi-jurisdictional banking, where clients have access to any one of the eight geographically based sales teams that make up the business. The teams are in Jersey, Guernsey, Isle of Man, Knightsbridge International (London), Gibraltar, Cyprus, Hong Kong and Geneva. There is also a presence in South Africa and plans to launch a sales team in Singapore in early 2007. -(via TradeArabia News Service)