The Barclays Bank in London has directed its expatriate customers, including Nigerians with less than £100,000 deposits to close their accounts.
In a letter dated June 12, 2017, the bank informed its customers of its intention to raise the minimum client balance requirement for international banking service.
In the letter, the renowned bank stated that;
“The new minimum level will now be £100,000. Top up your savings and investments to £100,000 or more before 1 August 2017, to continue with the service, or close your account and transfer your monies to another provider without charge,”.
“We understand that you may be disappointed by this and we will aim to offer you as much assistance as possible during this transition period.”
According to The Cable, the bank announced in 2013 that it would focus on 70 countries globally. However, over some period of time, the high-security measures meted by the bank have made it more difficult for foreigners to open accounts with high street banks in the UK.
Meanwhile, revelations made in the Panama Papers leak had shown that Panamanian law firm, Mossack Fonseca, helped clients evade tax through the use of offshore accounts and various cases of money laundering have also contributed to this.