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Barclays enters in Indian retail banking

Mumbai, Barclays has entered the competitive retail banking space in the Indian market. The company is primarily known for their Barclays Capital division in the Indian market. Barclays said in a statement that they are going to look at the entire market from the lower end to the upper end in India. Frits Seegers, chief executive (global retail and commercial banking), Barclays, said, “We believe there is a range of services that can be offered to all clients. There are only 63 branches per million in India. Barclays can play a big role in this market.” The bank has been providing similar services in a few African countries, where it works along with the lowest strata of the society, too. Even, in India, it plans to target the lower end of the market through microfinance initiatives. The 300-year old bank, which was the first to launch ATMs, wants to reinvent banking in India. Ahmed Khizer Khan, CEO (emerging markets), Barclays, said, “We need to be a global player. This would mean having 50% of profits coming from outside the UK. Emerging markets represent a large revenue pool. Among them, India is the crown jewel, given the size and opportunity. It is imperative for us to be a key player here.” They are going to face a lot of competition in the Indian market which already has the presence of several players including ABN Amro, HSBC, StanChart, and Amex. Barclays currently has three branches in India at Mumbai, Neelamangala near Bangalore and Kanchipuram in Tamil Nadu.On Thursday, the bank launched a range of credit cards, personal loans, business installment loans and investments. It is also looking at partnerships with public sector players in the credit card space. The bank offers no-frills accounts, with a zero-balance requirement, savings accounts, etc. to target people in smaller towns.

 

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