Nedbank’s contrarian play as fellow British banks scale down in UAE | The National

Nedbank’s contrarian play as fellow British banks scale down in UAE | The National:

"Britain’s once-proud banking industry appears to be in global retreat. Three of the big indigenous banks – Royal Bank of Scotland, Barclays and Lloyds – are either in the process of reviewing their non-United Kingdom businesses, or have decided to pare their overseas operations.

In the UAE, the three banks have pulled out of retail and other banking activities, or are planning to do so. The fourth member of this peer group, HSBC, is really a global bank that happens to have a London listing, but it too is scaling back its worldwide presence.

Andrew Bates sees this as an opportunity. He is the regional head of the Middle East and Asia at private bank Nedbank, the inheritor of the once-illustrious Robert Fleming & Co merchant bank."

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