Barclays to invest $70 mn in India
The investment spread over two years will spur its corporate banking business as part of its international expansion.india Updated: Mar 22, 2006 19:02 IST
British banking giant Barclays is to invest $70 million in India. The investment spread over two years will spur its corporate banking business as part of its international expansion.
The bank's board member David Roberts said Barclays would extend services including lending supply-chain financing, structured trade finance, risk management and corporate liquidity management.
He told a press conference that the corporate banking business will initially operate out of Mumbai. However, the bank said that it is in talks with the Reserve Bank of India for opening branches in other locations.
Barclays will recruit around 150 people in the medium term to streamline its corporate banking business, with 40 employees hired in the first year. The bank has already spent $150 million in February on its Indian investment banking operations. Chairman and CEO for Asia-Pacific Robert Morrice said, "We see strong growth in overseas issuances. We've seen tremendous interest for Indian paper."