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Barclays Bank on Thursday launched its retail and commercial banking service in India. So far, the bank operated in the country through Barclays Capital, its investment division.
The bank will offer credit cards, personal loans, business instalment loans and investment services products under retail banking.
The commercial banking business has an employee strength of around 276. The bank has pumped in around $370 million into its Indian operations in the last one year.
"Barclays aims to ensure 50 per cent of its global profits to be generated from outside Europe. Business opportunity is bright in emerging markets, in particular India,'' said Ahmed Khizer Khan, chief executive, emerging markets, Barclays Bank.
"Barclays Bank is here to serve all segments and we are not an affluent bank. Barclays aims to be among India's fastest growing banks and to be among the top foreign banks in terms of incremental business within three years. We have launched four products and have a healthy pipeline,'' said Samir Bhatia, managing director, Barclays India and the Indian Ocean.
Speaking on the proposed merger of ABN Amro Bank with Barclays, Bhatia said, "It is a good strategic fit. In India, the combined entity will be able to offer good value to the shareholders and customers.''
The bank will be operating in India through three branches and has launched retail banking in Mumbai, Kanchipuram and Nelamangala (near Bangalore). The bank is planning to leverage on alternate channels to get a hold in the market. It has sought RBI's approval to open more branches.
It is also in the process of signing up with a shared automated teller machine (ATM) network to provide its customers access to 16,000 ATMs. The bank is betting big on Barclays card, personal loan and business loan products. However, it will have to face stiff competition from other established players such as ICICI Bank, SBI and Citibank.
