Barclays subsidiary to dish up funding needs of India Inc

Written by Sajan C Kumar | Chennai | Updated: Mar 31 2010, 03:51am hrs
Barclays Corporate, one of the reorganised divisions of the Barclays, will now be responsible for the commercial banking activities and major funding needs of large corporates in India and the local operations of multinationals. This will be done in close cooperation with Barclays Capital and Barclays Wealth.

Barclays group has been in India for nearly three decades, through Barclays Capital, a leading investment bank and more recently with its retail and commercial banking services in Mumbai, New Delhi, Hyderabad, Kanchipuram near Chennai, Junagadh, Ahmednagar and Nelamangala near Bangalore.

Barclays, in a bid to create a better synergy with customers and clients, underwent a complete recast with floating of three separate business groups, namely, Global Retail Banking (GRB), Corporate and Investment Banking and Wealth Management (CIBWM) and Absa.

In a regulatory communication filed with the Securities & Exchange Commission, the group said Barclays Corporate has been brought alongside Barclays Capital because it sees significant synergies in sharing relationship management and sectoral expertise between the two businesses. Many of the clients of Barclays Capital and Barclays Corporate seek the services of Barclays Wealth and therefore, it forms part of CIBWM.

Barclays GRB India, over the past three years, has grown to serve more than 9,00,000 clients. Barclays opened its doors to commercial customers in November 2006 and currently has a roster of over 2,300 clients.