Barclays Plc said on Thursday it is investing more than $400 million into its India arm to tap rising corporate and investment banking activity in the country that is now recovering from the pandemic, and to expand operations.
This is Barclays’ single largest capital infusion in its Indian business in the last three decades. It comes after the British lender pulled out of the retail business in Asia’s third-largest economy in 2011 and exited its equity investment business in 2016. With the investment, Barclays Bank PLC India’s total invested capital in Asia’s third-largest economy will increase to more than 83 billion rupees.
Barclays said the investment would help grow its corporate and debt investment banking, as well as private clients businesses.
Revenue from investment banking in India so far this year was $498 million, versus $339 million in the same period last year and $538 million in 2020, according to Dealogic.
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