By Dinesh Nair
DUBAI, Sept 3 (Reuters) - Barclays Plc has decidedto sell its retail banking operations in the United ArabEmirates after conducting a review of the business, the Britishlender said on Tuesday.
The potential sale may impact up to 280 employees, a sourcefamiliar with the plan said, adding the lender plans to offloadits retail portfolio in the Gulf Arab country, which includescredit cards, mortgages, personal lending and deposit takingoperations, while keeping its two branches in Dubai.
A separate banking source confirmed that the bank waskeeping its Dubai branches to service corporate banking clients.
Under Chief Executive Anthony Jenkins, Barclays is axing atleast 3,700 jobs, reining in pay of senior bankers and closingbusinesses across the group in the face of new regulatory curbson risk.
"Following a strategic review, Barclays has decided tore-focus its efforts in the UAE on its key strengths incorporate and investment banking and wealth and investmentmanagement," the bank said, declining to provide any additionaldetails.
Sources had told Reuters last month that the review of thebank's retail business in the Gulf Arab state was taking place,with a disposal a likely option.
Barclays' corporate banking, private banking and investmentbanking activities in the UAE are not part of the review. Thebank's retail operations in Egypt, where the lender has nearly60 branches, is also unaffected by the move.