Barclays is planning to restart investment banking in Saudi Arabia after pulling out of the oil-rich region more than a decade ago.
The bank said the expansion was ‘central to our Middle East growth strategy’ as it follows rivals in re-entering the market.
It will open an office in the capital Riyadh next year.
Barclays’ chief executive, CS Venkatakrishnan, told Bloomberg TV that the bank wanted to have a ‘good-sized office’ in the city’s financial district.
The lender has secured a provisional licence, which will pave the way to kick-starting investment banking and global markets activity in the region.
Saudi return: Barclays said the expansion was ‘central to our Middle East growth strategy’ as it follows rivals in re-entering the market
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