| Barclays
Barclays
Barclays Middle East operations, based in Dubai, have undergone significant changes in recent years. One of a number of European investment banks to be affected by falling revenue and growing financial regulation and compliance costs, Barclays has restructured its Middle East corporate banking operations. In 2014 Barclays sold its retail business to Abu Dhabi Islamic Bank (ADIB), the largest bank in the UAE, and is now looking to sell its retail banking business in Egypt. There have been changes within the legal team too, with Muna Dandan, former head of legal for Barclays’ retail and commercial banking business in the Middle East, joining Eversheds in May 2015 to lead the firm’s Financial Services Disputes and Investigations practice in Asia. However, Barclays is betting on its ability to earn fees in the region without maintaining an extensive on-the-ground presence, something that places enhanced pressure on the legal team to work efficiently. Currently leading the bank’s regional legal team is Martin Homberger, director and head of legal for the Middle East. As the bank looks to focus on building up smaller centres of excellence in the region, the team is praised for its ability to deliver and impact, praises that speak highly of the team irrespective of its small size. The team is further praised for its ability to thrive in a new operating environment by interacting with colleagues in other jurisdictions and leveraging resources elsewhere within the bank. Evidence of their strength can be seen in the number of key deals to which they have contributed recently, including managing the initial public offering (IPO) for Abu Dhabi’s Gulf Marine Services and advising Borse Dubai’s sale of its $2bn stake in the London Stock Exchange Group.
