Britain’s Justice Department (DoJ) is investigating into whether Barclays had made any improper payment to win a banking license in Saudi Arabia in order to operate a wealth-management arm and investment bank.
Meanwhile, Barclays, which been given a record fine by US and UK regulators for rigging Libor interest rates and is under investigation on several other issues, has declined to comment on the matter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank had said on 31 October 2012 that the DoJ and US Securities and Exchange Commission were probing whether the bank was complying with US laws in its relationships with third parties who help it win or retain business, though it declined to say where or what businesses were involved.
The DoJ has also declined to comment on the issue.
It was in August 2009 that Barclays was licensed to start business in Saudi Arabia and final approval to start securities trading was given in May 2010 after the Saudi Capital Markets Authority (CMA) said it verified the bank had met all the requirements.
Britain’s Serious Fraud Office (SFO) and Financial Services Authority are still scrutinizing payments made by Barclays to Qatar as part of a 2008 fundraising and the bank is still under scrutiny regarding its manipulation of Libor.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
