Barclays new policy leaves potentially 130 countries without a bank

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Last week, Barclays Bank confirmed that Jamaican citizens will be removed from its client roll, and are preparing to close accounts for those who have a Jamaican address.
Around 500 clients have been affected by Barclays new policy, as the closure of the UK accounts took effect last week. It seems as though Jamaica is not the only country that the UK bank is cutting ties with, as around 130 countries were warned in total.

The matter was highlighted by the JNBS (Jamaica National Building Society), when they issued a statement offering transactional services to the people who have been displaced by the procedure. In an official statement, Barclays was not mentioned, saying that it is a helpful movement especially for the pensioners in the UK market whose accounts have been also closed.

However, Barclays have pointed out that they are not the only bank with such policy. Ex-Barclays’ clients will be able to open an account in other banking service providers, who are having similar policies, excluding from their client lists residence from other countries.

‘As a global financial services provider, we evaluate the services we provide on a regular basis. In 2013, we announced that we are prioritising the need to reduce complexity and that the business will be focusing on a core set of 70 markets globally.’

– A Barclays representative said.