Gulf Daily News » Business News » Watchdog unaware of Barclays probe

Jeddah CornicheJEDDAH: Saudi Arabia’s market regulator said it was not aware of any investigation into a licence it granted British bank Barclays three years ago, after a report that US authorities are probing if improper payments were made.

The Department of Justice is investigating if Barclays made any improper payment to win a banking licence to operate a wealth management arm and investment bank, the Financial Times reported yesterday, citing people familiar with the probe.

Barclays earlier said the department and US Securities and Exchange Commission were probing if it was complying with US laws in its relationships with third parties who help it win or retain business.

It was licensed to start business in Saudi Arabia in August 2009 and given final approval to start securities trading in May 2010 after the Saudi Capital Markets Authority (CMA) said it verified the bank had met all requirements.

“CMA is not aware of any probe and never received inquiries from regulatory bodies or anyone,” the regulator said.

via Gulf Daily News » Business News » Watchdog unaware of Barclays probe.

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Posted on November 12, 2012, in Article and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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