Barclays blames customers for UAE account closures

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Barclays said that the sudden closures of a number of personal and corporate accounts in the UAE this week was because they were in violation of local financial regulations, and not related to the imminent sale of the business.

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Business and personal banking customers told Arabian Business that they had been telephoned by the lender on Tuesday morning, and informed that their accounts were being frozen. Arabian Business understands that around 500 accounts have now been frozen.

Customers complained that they had been given no notice of the closures and that staff in the bank’s Downtown branch struggled to explain to them why their accounts had been closed.

On Wednesday, a spokesperson for Barclays told Arabian Business that the action was “routine” and had been undertaken to comply with UAE financial regulations. They added that personal accounts had been closed for reasons including out-of-date residency visa information, or expired trade licence details for corporate account holders.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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