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Barclays invests $220M in India
By agencies
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Wednesday, 22 March 2006, 20:30 IST
LONDON: Barclays PLC, the U.K.-based financial services provider, has infused $150 million in its investment banking business in India and another $70 million to ramp up its domestic commercial and corporate banking activities. The total investment in its Indian operations now stands at $300 million.
As part of its growth strategy, the bank has already approached the Reserve Bank of India (RBI) to increase its footprint within India, by adding more branches. However, the company is not considering an immediate foray in retail banking in India.
Apart from catering to multi-national and larger corporates, the bank now wants to tap small and medium enterprises (SMEs) in India.
For this purpose, the bank is launching services on the lines of supply chain financing, structured trade finance, risk management and corporate liquidity management. For large corporates, Barclays would look at launching assets financing and leasing services.
The bank's international, retail and commercial banking operations' chief executive and board member, David Roberts said Barclays now aims to achieve a 50:50 ratio between its domestic and international business activities, which now has a lion's share in its India-based business.
The current ratio of U.K.-based businesses to international businesses stands at 40:60. India alone contributes approximately 25 percent of the bank's Asia Pacific business.