Mumbai: British lender Barclays Bank PLC India on Thursday said that it will infuse Rs 3,000 crore in India to boost its local expansion. The capital would purely be for growth of corporate and investment banking, and private clients businesses and not for back-office operation, it said.
This is Barclays' single largest capital infusion in its Indian business in the last three decades. It comes after the lender pulled out of the retail business in India in 2011 and exited its equity investment business in 2016.
The current infusion, Barclay’s the total invested capital in the country will increase to over Rs 8,300 crore, the bank said in a release. The expansion in tier-1 capital reinforces Barclays’ commitment to India, and will enable further growth of the bank’s corporate & investment banking and private clients businesses, the lender said.
Jaideep Khanna, head of Barclays, Asia Pacific and country CEO, said “The capital infusion in the bank reflects the success and strong track record of our India franchise built over the last three decades. We have ambitious growth aspirations, and the investment will help accelerate that as we look to leverage the attractive opportunities that the present situation offers.”