Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Barclays to scale down retail banking in India
BackBack

Barclays to scale down retail banking in India

Barclays to scale down retail banking in India

By BloombergPremium

By Bloomberg

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.

By Bloomberg

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 3,200 crore of retail loans in India, the person said.

Standard Chartered Plc has bought about 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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Dec 2011, 11:01 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie