Barclays has appointed Farzad Billimoria as head of its private bank for the United Arab Emirates, strengthening its foothold in a region experiencing rapid wealth creation. Based in Dubai, Billimoria will report directly to Annabelle Bryde, head of Private Bank International, commencing his role on 1 July pending regulatory approval.
Billimoria brings 30 years of financial services expertise, most recently serving as Senior Executive Officer and head of private banking at HSBC in the UAE. He led the establishment of HSBC Private Bank in key financial hubs such as the DIFC and ADGM, and notably launched the bank’s first onshore private banking booking centre within the UAE. His deep-rooted presence in Dubai, with over two decades of local experience, positions him to drive growth within Barclays’ expanding wealth management ambitions.
This move occurs amid a resurgence of private banking across the Gulf, fuelled by rising regional GDP, intensifying investment from sovereign wealth and increasing interest in bespoke financial services. For Barclays, marking its 50th year of operations in the region, securing Billimoria represents a strategic play to challenge entrenched rivals and capture market share across both Middle Eastern and Asian private banking landscapes.
Barclays has “significant growth opportunities” in the Gulf, Bryde said, emphasising the bank’s strategy to elevate the region’s importance within its global private banking operations. Billimoria’s leadership is expected to accelerate initiatives focused on ultra-high-net-worth individuals and high-net-worth families, aligning with broader shifts in regional wealth dynamics. Economic projections show that the UAE’s economy is set to expand by approximately 3.5 per cent in 2025, underpinned by technology, real estate, and infrastructure investments.
Billimoria’s departure from HSBC, part of a broader simplification drive, signals changing strategic priorities within global banks. HSBC has been reshaping its regional model, consolidating operations to enhance efficiency and digitalisation. His transition also reflects a wider trend of prominent private banking leaders moving across institutions, as banks vie to differentiate through personalised, tech-enabled services.
Barclays’ hiring aligns with senior leadership changes at the bank in the Gulf. Rasha Badawi, appointed earlier this year to lead private bank efforts in Qatar and Saudi Arabia, aims to capitalise on cross-border synergies. Under her direction, Barclays is placing greater emphasis on sustainability-driven investment products and ESG-compliant offerings, responding to demand from increasingly values-conscious UHNW clients.
Competition in Gulf wealth management is intensifying. Regional players like Emirates NBD, First Abu Dhabi Bank, and QNB have ramped up their wealth divisions, while global institutions such as UBS and Credit Suisse introduce digital platforms tailored to Gulf clientele. Barclays will also challenge global peers by leveraging its UK-based banking infrastructure and cross-market services—a value proposition for Gulf clients seeking diversification beyond the region.
Yet the Gulf banking landscape is not without challenges. Banks are navigating stringent anti-money‑laundering regulations and heightened transparency in tax and compliance regimes. To maintain profitability, providers must balance regulatory adherence with flexible service models. Barclays’ success with Billimoria will hinge on its ability to blend local expertise with international scaffolding in a cost-effective way.
Billimoria’s credentials are well aligned with the trends reshaping Gulf private banking. He oversaw the onboarding of ultra-high-net-worth non-resident Indian clients during his tenure at HSBC, a segment increasingly in demand across the region. His track record in setting up offshore and onshore operations offers Barclays practical experience in integrating multi-jurisdictional banking platforms.
The appointment also underscores the growing importance of the UAE as a regional wealth hub. Dubai and Abu Dhabi continue to draw family offices, investment firms, and global capital, bolstered by regulatory reforms and a diversified, digitised economy. Barclays’ strategy involves positioning its UAE operations as a gateway for wealth originating across India, Africa, Europe, and the broader Middle East.
Inside Barclays, Billimoria will lead a team focused on designing customised wealth solutions, integrating digital advisory tools and sustainability-linked offerings. Bryde has signalled that the bank will prioritise growth in Asia and the Middle East, with the UAE serving as a strategic linchpin for regional expansion.
