The Hindu : Business : Barclays Bank to launch commercial banking

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Tuesday, Jan 09, 2007
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Barclays Bank to launch commercial banking

Proposes outlay of $100 m; to open three branches

— Photo: Kamal Narang

RETAIL INITIATIVE: Jeev Milkha Singh, brand ambassador of Barclays in India (left), with Samir Bhatia, MD, Global Retail & Commercial Banking, Barclays India, at a press conference, in New Delhi on Monday.

NEW DELHI: Global financial services major Barclays on Monday said it would launch its commercial and retail banking services in India soon and will further invest $100 million this year for the operations.

"We will be launching commercial and retail banking operations shortly,'' Barclays Managing Director for Global Retail and Commercial Banking (India) Samir Bhatia said while announcing the bank's marketing initiative.

In March last, the bank had doubled its commitment for India operations to $300 million in order to support the growth of the investment banking business in the country and for developing commercial and corporate banking services here.

Mr. Bhatia said the money that had been brought in last year had already been invested. For its retail initiative, Barclays had already received licences from the Reserve Bank of India for opening three branches — one in Mumbai and two outside of Bangalore and Chennai. Mr. Bhatia said the bank had applied for more branch licences for the current year and was awaiting approval from the central bank.

He said the retail banking offerings of the bank would include all products and services like no-frill accounts and rural banking facilities as well. When asked if the bank was tying up with any local or rural banks in the country for expanding its network, Mr. Bhatia said, "we are open to tie-ups but we have not initiated any talks as of now.''

As part of its marketing initiative, Barclays Bank had chosen golfer Jeev Milkha Singh, who would represent the bank in various communication activities and engagements with clients.

In addition to its investment banking division — Barclays Capital — the bank had established its global retail and commercial banking division in India last year. — PTI

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