July 15 (Bloomberg) -- Barclays Plc appointed Cedric Lizin head of its wealth and investment management division in the Middle East and North Africa as Britain’s third-biggest lender by market value seeks to expand in the region.
Lizin, who joined the London-based bank in 2007 as chief operating officer for the Asia Pacific region, also leads Barclays wealth management joint venture in Japan with Sumitomo Mitsui Banking Corp. and SMBC Nikko Securities, the London-based bank said in an e-mailed statement today.
Lizin replaces Rory Gilbert as head of the wealth management unit, according to a Barclays official who asked not to be identified because of company policy. Gilbert will move to another role the official said, without giving more details.
“The Middle East and North Africa is a key market for Barclays and we continue to grow our footprint across the region,” John Vitalo, the bank’s regional chief executive officer, said in the statement.
Banks such as Barclays consider the United Arab Emirates and the Middle East as a long-term growth market where economic expansion and high oil prices are driving prosperity. The bank may double the number of private bankers it has across the Middle East and North Africa region, Gilbert said last year.
Barclays said last month it will shift 4,000 more administrative jobs to lower-cost locations to reduce expenses. The lender plans to save as much as 250 million pounds ($381 million) by moving the positions, which are mostly in information technology and operations.
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