Date:22/03/2006 URL: http://www.thehindu.com/2006/03/22/stories/2006032210191800.htm

Business

Barclays to infuse $70 million

To foray into the corporate banking business; to recruit 150 people

CAPITALISING ON GROWTH: Robert Morrice (right), Chairman and Chief Executive, Asia Pacific, Barclays Capital, and David Roberts, Chief Executive, International Retail and Commercial Banking, at a press conference in Mumbai on Tuesday. — Photo: Shashi Ashiwal

MUMBAI: Buoyed by Indian growth trajectories, Barclays plc on Tuesday said it would infuse $70 million in the country for a period of two years from 2006 to foray into the corporate banking business.

The U.K.-based bank, which has invested $150 million over the past few months to support investment banking business growth, is hopeful of strengthening its presence in the country following talks with the Reserve Bank of India for corporate banking business.

Having operations in India for almost 30 years, Barclays confined itself mainly into investment banking and risk management services.

However, the bank, which finds India ``a hugely attractive market'' coupled with effective government regulation, would look at organic growth in the country.

The bank would recruit around 150 people over the medium-term, Barclays plc board member David Roberts told reporters here.

PTI