Mumbai: Barclays Plc plans to stop offering new retail loans in India and focus on its wealth management, corporate and investment banking services in the nation, spokesman Subhayu Mishra said.
The bank aims to consolidate and build a sustained profitable Indian business based on its strengths, Mishra said in an emailed response to questions on Wednesday. Existing loans will continue and the lender will maintain its deposits business, he said.
The UK’s second largest bank by assets will eliminate 200 of its 1,200 retail banking positions in India as it winds down the consumer lending operations, a person with knowledge of the matter said, declining to be identified as the information is confidential.
The bank will cut the number of branches at its Indian finance unit to less than 10 from about 27 now, the person said. That’s down from a peak of about 79 outlets in 2010. Barclays is also in the process of selling around Rs 3,200 crore of retail loans in India, the person said.
Standard Chartered Plc has bought about Rs 175 crore of credit card loans from Barclays in India, Arijit De, a Standard Chartered spokesman in India, said on Wednesday.
Barclays’s plan to wind down its retail banking operations in India and sell some of the assets was reported earlier today by The Economic Times newspaper.