Barclays eyes bigger share of euro clearing business

dubai — 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 per cent 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

I think it could increase to 25 per cent market share, hopefully in the next three years P Sunil Rao, director of the financial institutions group in Mena

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 per cent market share, hopefully in the next three years.”

Rao also said the bank had reassured clients in the region that the bank would retain the capacity to clear euros after Brexit.

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 eurozone.

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 per cent from nine per cent in 2009. — Reuters