The lender has named a new private banking head for the UAE, now very much at the centre of attention as a rapidly-growing wealth management area.

Barclays, the UK-listed bank, has appointed former HSBC senior figure Farzad Billimoria (pictured below) as the new head of the private bank for the United Arab Emirates. 

Farzad Billimoria

Billimoria. who oversees the UAE team and its governance, will drive the business as a strategic hub for the wider region. Based in Dubai, he will be joining on 1 July, subject to regulatory approval, reporting o Annabelle Bryde, Barclays’ head of its international private bank.

Rasha Badawi, who previously held the UAE leadership position, will continue to be with the organisation, a spokesperson told this news service when asked about the matter.

Billimoria has 30 years of expertise in financial services, including experience across private banking, wealth management and the retail banking side. Most recently, he was senior executive officer, and head of the private bank in the UAE at HSBC. He has lived and worked in the UAE for more than 20 years.

During his banking career, Billimoria led a team that established HSBC Private Bank (Suisse) offices in the Dubai International Financial Centre branch and the Abu Dhabi Global Market, handling large UHNW client portfolios and relationships. He also launched the first onshore private bank booking centre for HSBC in the UAE, and managed the growth of the non-resident Indians business in the region. 

“The Middle East presents significant growth opportunities for Barclays with its expanding influence on global markets and increasing wealth generation,” Bryde said. “We are excited to welcome Farzad, who brings with him a strong blend of leadership and extensive local market experience. His appointment reflects our ambition to further elevate the importance and priority of the region, alongside accelerating our growth plans in the UAE.”