Barclays Opens Branch In Hyderabad

Published: 19-Nov-2009

To focus on the affluent segment in the retail category

Barclays Global has inaugurated its retail banking branch in Hyderabad, its seventh branch in India, reported The Economic Times. The group has branches in Ahmednagar and Mumbai (Maharashtra), Junagadh (Gujarat), Kanchipuram (Tamilnadu), Nelamangala (Karnataka) and New Delhi.

The bank aims to cater to the lending needs and the saving and wealth management needs of young and tech-savvy as well as more mature customers. Already, the India operations of Barclays are said to contribute approximately GBP1.8 billion, which includes around GBP1 billion from the retail operations and another GBP80m from the corporate business operations.

Ram Gopal, interim managing director and chief operating officer of Barclays GRB in India, said: "The group is looking at tapping the inorganic route to ramp up its presence in India. We are evaluating possible acquisitions that would fit our business model and pricing. The current market conditions is conducive for acquisitions."

Suvrat Sehgal, director of consumer banking at Barclays GRB, said: "The bank will now focus on the affluent segment in the retail category. We are looking at growing our business and enhance our investment products for this segment. There is also a potential for the bank to grow through products against secured assets,” reported the news paper.

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