Barclays wants to expand in the oil-rich Middle East and doesn't rule out buyouts after Abu Dhabi royal Sheikh Mansour bin Zayed Al Nahyan bought a stake in the company, an official said.

"Our ambition is to grow in selective parts of the world and the Middle East is an area we're very committed to," Kevin Lecocq, chief executive of the bank's wealth unit, told reporters in Dubai on Monday. "We are open to acquisitions."