UK based Barclays Bank Plc has infused Rs 3,000 crore in India in its single largest one time capital infusion in the country indicating its confidence in the growth prospects.
With this infusion, the bank’s total invested capital in the country will increase to over Rs. 8,300 crore. It had last invested Rs 540 crore in 2009-10.
"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 bank said in a statement.
In India the bank has been focussed on corporate and investment banking after an initial tryst with retail which it abandoned in 2011.
The bank's offerings in India includes, financing, advisory and risk management businesses within the investment bank, corporate banking, cash management and trade finance. Besides local Indian lenders it competes with its foreign banking peers including HSBC, Standard Charteted, Citibank, Deutsche Bank, Bank of America, BNP Paribas among others.
It also manages assets for high networth individuals and wealthy families under its private banking business.
"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," said Jaideep Khanna, Asia Pacific CEO Barclays.
In February, Barclays inaugurated its International Banking Unit (IBU) branch at GIFT City in Gujarat in increasing presence in the country.
"As economic activity gathers momentum, there is increased demand for capital from clients. We are well placed to support their objectives and remain committed to working closely with them,” Khanna said.