Nicosia – Barclays PLC (“Barclays”) has announced it intends to close its offices in Cyprus, in the context of a strategic restructuring and simplification of the Group.

“Barclays PLC today announces that it intends to close its premises in Cyprus. Barclays will continue to serve its customers and clients based in Cyprus with a product offering serviced out of the UK,” states a press release issued by the bank yesterday.

The bank recalls that on 1 March 2016, Jes Staley, Group Chief Executive of Barclays, outlined the future shape of the bank, which will simplify business operations through the creation of Barclays UK and Barclays Corporate & International.

“As part of this strategic restructuring and simplification of the Barclays Group, it is reducing its presence in a number of locations, including in Cyprus,” the release adds.

The bank plans to close both its offices in Limassol and Nicosia, noting that “the majority of Barclays’ clients in Cyprus have bank accounts based in London and will continue to receive banking services from London.”