By: CHRIS GRAEME
DESPITE THE possibility of further nasty surprises emerging from the United States financial sector, Portugal is unlikely to be overly affected in terms of fallout exposure from Lehmans Brothers-type disasters.
This was the overall cautiously optimistic message from Barclays Portugal CEO, Peter Mottek during the official presentation of the bank’s Landmark Barclays Premier ‘bespoke’ Service in Lisbon.
“Barclays is very well positioned in Portugal despite the world financial crisis because it is able to attract a premier segment of the market and this is largely to do with our history here over the past 22 years,” he said.
“There’s a lot of uncertainty out there but I think that Portugal, with respect to this financial crisis, has the benefit of having a system that is well prepared and its banking system is one of the most well developed sectors in the overall economy with great professionals,” he stressed.
Growth
Peter Mottek said that the premier segment provided a “disproportionate amount of funding for Barclays’ balance sheet in Portugal allowing the bank to continue to grow”.
In the past four years the bank has quintupled the number of its branches in Portugal from 43 in 2004 to 230 in 2008, 400 staff to 2,000 staff and 150,000 clients spread over four main business segments, premier banking, corporate, small and medium companies with turnovers of up to three million euros and traditional high street branch banking.
“I don’t see anything on the horizon that should slow down our current plans for growth expansion here,” he added, stressing that Barclays had a very specific position in the country.
On the question of consolidation, acquisitions, mergers and take-overs, he said Barclays would not “take any potential deal off the table.”
“A good business manager looks at every possibility but for the time being we just continuing to implement our organic long term plan and will evaluate each situation for potential opportunities,” he said.
Returning to the crisis, Peter Mottek said that he thought the crisis would be addressed literally “one day at a time” and that each day all the risk managers of the major banks were receiving news on the situation, analysing the state of their assets and what the potential liquidity exposure would be with regards to investment banking institutions.
“In Portugal we need to stay focused on the basics of our business, stick to our current game plan, and listen attentively as to what the major changes are in the local market and wait and see.”
“This financial crisis is new territory for everyone, so we must focus on our strategies and listen to what our customers are saying,” he concluded, adding that in his opinion the corner might not yet be turned.
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