News: Barclays Bank to begin Indian commercial operations

(BL 09/01/2007) New Delhi - Barclays Bank on Monday said that it would this year commence its retail and commercial banking business in the country and expressed commitment to bring in at least $100 million into this business in 2007. "We already have $300 million invested here and are committed to bring in another at least $ 100 million this year specifically for retail and commercial banking business. We are willing to invest in India for the longer term," said Samir Bhatia, Managing Director of the Global Retail and Commercial Banking division of Barclays Bank in India. Three branches Barclays Bank has licences for three branches in India, out of which the branch in Mumbai, which is into corporate banking, is already operational. The other two branches — one near Chennai and the other near Bangalore — are to become functional shortly. Bhatia said that these two branches would also offer no-frill accounts and do some rural banking. Asked whether Barclays aspires to emerge as a big commercial bank or as a big retail bank in India, Bhatia said that Barclays Bank would like to be a "balanced bank" in India as is the case in UK and other parts of the world. "All over the world, whether it be UK, Africa, Barclays has been a balanced bank. We have products for every single person and for every single segment. The same will hold true in India. We don't have a specific product for India. We will do everything and over a period of time bring whatever we have in the rest of the world into India," Bhatia said. Right time On the timing of Barclays Bank's entry into retail and commercial banking, Bhatia said that this was still the right time as the next few decades are going to be golden period for India and that the country would soon be ranked among the top three economies of the world. Meanwhile, Barclays Bank announced Jeev Milkha Singh, one of India's most successful golfers, as brand ambassador for the bank in India. Jeev will represent the bank in various communications activities and engagements with clients.