Barclays Wealth Intermediaries & Corporates, a division of Barclays Wealth, formally launched to the offshore corporate market in Dubai at a...

Barclays Wealth Intermediaries & Corporates, a division of Barclays Wealth, formally launched to the offshore corporate market in Dubai at an event hosted by managing director Peter Horrell and local associate director Richard Corrigan at the Al Bawardi Polo Ground.

The Intermediaries & Corporates business, headed by Peter Horrell, provides financial advice, products and services to wealth intermediaries and corporates seeking offshore/cross border banking.

Currently, the business has around 50,000 organisations banking with it, with assets under management of approximately £12 billion ($23.7 billion).

Mr Horrell said: "We have launched in Dubai with a local dedicated team in place. We are a bank that specialises in offshore structures and non-resident, non-domiciled businesses. We have created an understanding of complex tax structures and the role of offshore centres in tax planning and risk management and the ways in which we can provide comprehensive financial services to the professional market in this space."

The Intermediaries & Corporates offering provides multi-jurisdictional banking, where clients have access to any one of the eight geographically based sales teams that make up the business. The teams are in Jersey, Guernsey, Isle of Man, Knightsbridge International (London), Gibraltar, Cyprus, Hong Kong and Geneva.

There is also a presence in South Africa and plans to launch a sales team in Singapore in early 2007.