| DUBAI, March 22
DUBAI, March 22 Barclays aims to
increase its share of the euro clearing business in the Middle
East and North Africa region (MENA) from low double-digits to 25
percent in the next three years, a senior Barclays executive
said, capitalising on growing demand from companies for
transactions in euros.
Barclays is already one of the largest clearers of
transactions in sterling and has stepped up efforts in euro
clearing in the past few years.
"It is about gaining market share in the euro clearing right
now," KP Sunil Rao, director of the financial institutions group
in MENA, said. "We are in lower double digit. I think it could
increase to 25 percent market share, hopefully in the next three
Rao also said the bank had reassured clients in the region
that the bank would retain the capacity to clear euros after
In Britain, there is uncertainty over whether London will be
able to clear euros after Brexit but big British banks like
Barclays will continue to be able to clear euros through their
offices in the euro zone.
Clearing is the process of settling transactions between
banks and is big business for large global lenders.
Barclays' share of the sterling clearing business within its
targeted countries in MENA has risen to 40 percent from 9
percent in 2009, a time when some other British banks such as
Royal Bank of Scotland and Lloyds Banking Group
have scaled back in the region.
Some international banks have cut correspondent banking ties
to lenders in the region as they seek to shed risks.
"We have 40 percent of the market share for sterling
clearing and our market share for euro clearing is growing, so
we have not backed away from this region," David Scola, global
head of financial institutions at Barclays, said.
Barclays last year trimmed nearly 150 staff from its
corporate banking arm in Dubai as part of a wide-ranging
restructuring following the appointment of Jes Staley as chief
executive in December 2015.
(Editing by Jane Merriman)