The new investment is expected to support the growth of bank’s Corporate & Investment Banking and Private Clients businesses
The Barclays tower in London. (Credit: Matt Brown/Wikipedia.)
Barclays has announced an investment of more than INR30bn ($404m) in its Indian banking unit Barclays Bank India, to advance its growth ambitions in the country.
The new capital raise brings the bank’s total investment to more than INR83bn ($1.1bn).
Barclays said that the expansion in Tier 1 capital underlines its commitment to India, and supports the growth of its Corporate & Investment Banking and Private Clients businesses.
Barclays Asia Pacific head and India country CEO Jaideep Khanna said: “The capital infusion in the Bank reflects the success and strong track record of our India franchise built over the last three decades.
“We have ambitious growth aspirations, and the investment will help accelerate that as we look to leverage the attractive opportunities that the present situation offers.”
“As economic activity gathers momentum, there is increased demand for capital from clients. We are well placed to support their objectives and remain committed to working closely with them.”
The bank has been operating in India since 1990, with Corporate Banking, Investment Banking and Private Clients businesses.
It employs more than 23,000 people spread across its operations in India, through its subsidiaries Barclays Shared Services and Barclays Technology Centre India.
Barclays Bank India’s Corporate Banking business is said to offer a complete suite of corporate banking capabilities, including cash management and trade finance.
Its Private Clients business would contribute to significant growth of assets under management for high and ultra-high-net-worth individuals and family offices in India.
The Investment Bank comprises top tier financing, advisory and risk management businesses.
Furthermore, it also operates a Wealth and Investment Management business through Barclays Securities & Investments (BSIPL).
In February this year, Barclays opened its International Banking Unit (IBU) branch at GIFT City in Gujarat, as part of its expansion plans in the country.
In March, the company has expanded its private banking business to France and Italy to support the growth of its European wealth business as Britain exits from the EU.