HSBC sheds U.S. branches in $1 billion First Niagara pact

FYI Quoting an article seen in a MIddle East magazine on Barclays Bank:

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Barclays Plc will move its Africa headquarters in Dubai back to Johannesburg in a move that may affect 123 employees, the British lender said Sunday.

Staff will be given the chance to relocate or leave the bank before the Dubai office closes at the end of the year, the company said in an emailed statement to Arabian Business.

Posted by: ashok kapur
Saturday, 30 July 2011 10:16 AM[UAE] – UAE
While it is a good and timely strategy to relocate the African business, the matter of fact is that the Barclays franchise has suffered a lot in their UAE operations since the last 18 months. The bank continues to extend loans, undertake restructuring, extending repayment dates, etc to various business groups in Dubai and thereby aiding in increasing in the banks’ non performing assets month on month. It is high time that the shareholders in London take a deep dive into the operations and business mechanism of their UAE corporate book. It is a well known fact in Dubai business circles that the Barclays lenders will accommodate any business request (for a consideration) not withstanding the poor loan servicing and repayment capacity of the borrower. This has led to a huge credibility issue of the bank and the franchise is suffering. The lenders sitting in Dubai (top to bottom) follow a hidden agenda and do not worry about the franchise.
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