Barclays Bank says that it is continuing to expand its corporate banking offering in the Gulf Co-operation Council (GCC) region through the expansion of its cash management capabilities.
The bank announced that Oliver Baillie has been appointed as head of cash management, United Arab Emirates (UAE) and GCC with responsibility for leading the cash management operations through developing innovative products, liaising with existing and potential corporate clients, and implementing long term solutions to try to improve client cash and liquidity management.
Barclays added that Baillie has relocated to the UAE from Barclays UK, where he held senior positions in deposits and business solutions divisions of the bank throughout his tenure. He brings with him a wealth of technical and client based experience in corporate banking.
Rezwan Mirza, Barclays’ managing director and head of corporate coverage, UAE and GCC, said: “Through consistent dialogue with our corporate clientele, we have observed that businesses today face many challenges in managing cash effectively, especially in the midst of economic recovery. In response, we are in the process of making a significant investment within the region and globally to upgrade our cash management platform as well as increase the number of qualified experts servicing our clients.”
The country is expected to survive the review, which it must do to retain its place in the European Central Bank’s asset purchase programme.
The bank believes that the battered UK currency, recently only just holding above the US$1.20 level, could be trading at US$1.36 by this time next year.
The Middle East oil producer’s debut global bond issue surpassed the total of US$16.5bn raised by Argentina when it tapped the market earlier this year.
The group reports that currency fluctuations were less of a challenge to multinationals in the second quarter of 2016, but Brexit has since spelt a return to volatility.