Barclays launched itself on Indian high streets yesterday, using a football theme, as part of a $70m three-year plan to become one of the leading foreign banks in the country. The Times
In the tightly regulated Indian retail banking sector, the central bank issues only 12 licences a year to all foreign banks. Barclays is initially opening three branches – in the commercial capital of Mumbai and in the southern cities of Kanchipuram and Nelamangala. It has applied to open further branches, but each will require a licence.
Barclays has had an Indian presence since the 1970s, and has invested $370m as it pursues a strategy of generating half its profits outside the UK.
Barclays Capital, its investment banking division, has accounted for $300m of the investment in India.