Barclays Plc is considering reestablishing operations in Saudi Arabia, as it seeks to take advantage of the Kingdom’s burgeoning need for global capital market access, according to the latest reports.
“We’re looking at how best to re-enter the country,” C.S. Venkatakrishnan, the bank’s CEO, told Bloomberg in an interview on the sidelines of the Future Investment Initiative. “We will consider corporate banking work, but investment banking and trading will be the focus.”
Barclays exited Saudi Arabia in 2014, amid a global retreat of its investment banking operations under former CEO Antony Jenkins. The bank still holds a licence to operate in Dubai’s DIFC and Qatar, but it is now reportedly looking to expand its presence across the Middle East, including Dubai, Abu Dhabi and Riyadh.
The re-entry aligns with a broader trend of global banks enhancing their presence in the oil-rich nation amid its ambitious economic transformation plans.
Earlier this year, Barclays was instrumental in helping Saudi Arabia’s sovereign wealth fund issue a sterling-denominated bond, raising about £650 million ($844 million) to diversify its investor base.
Rumours of a possible return of Barclays to Saudi shores have been increasing since at least 2022, when Reuters reported the bank was looking at securing a license in the Kingdom to be able to manage deals including initial public offerings (IPOs).
