Barclays PLC To Invest Rs 2,300 Cr In India To Expand Operations

(MENAFN- KNN India) New Delhi, Mar 19 (KNN) Barclays Bank PLC has announced a significant capital investment of Rs 2,300 crore (GBP 210 million) in its Indian operations to capitalise on growth opportunities in one of the world's fastest-expanding economies.

This strategic infusion aims to strengthen the bank's market position and expand its service capabilities in the region.

According to a statement released by Barclays Bank, the investment will enable the financial institution to broaden its client reach, particularly focusing on corporate and financial sponsor clients as well as ultra-high-net-worth individuals within the Indian market.

This expansion aligns with India's continued economic growth trajectory and increasing demand for sophisticated financial services.

The current capital commitment follows a previous substantial investment of over Rs 3,000 crore (GBP 300 million) made in 2021.

With this additional infusion, Barclays' total invested capital in India will exceed Rs 12,400 crore (GBP 1,100 million), underscoring the bank's long-term commitment and confidence in the Indian market through a deliberate and sustained growth strategy.

As reported by India Ratings, Barclays India maintained a capital adequacy ratio of 15.93 percent at the conclusion of the fiscal year ending March 2024 (FY24), comfortably exceeding the regulatory requirement of 11 percent for the minimum Tier-1 capital ratio under Basel III guidelines.

The bank's total assets in India stood at Rs 53,910 crore at the end of FY24, with its loan portfolio predominantly comprising term loans (49.2 percent), bill discounting (35.0 percent), and working capital loans (15.8 percent).

Commenting on the strategic investment, Pramod Kumar, Chief Executive Officer of Barclays Bank PLC and Head of Investment Banking for India, stated, "The additional capital allows us to further strengthen our position as a trusted financial partner to clients, particularly in sectors where we see significant growth opportunities in India."

This statement reflects the bank's targeted approach to capitalising on emerging opportunities within India's dynamic economic landscape.

(KNN Bureau)

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