(22 January 2008 – India) Barclays Bank has said it will speed up its growth plans in India, focussing on corporate and retail banking.The bank’s chairman, Marcus Agius, said India occupied a crucial role in the world economy, and businesses looking for quick growth needed to be based in India.
There are still restrictions on foreign banks’ ability to open branches in India and how much equity they can take in local banks.
However, these restrictions are due to be reviewed next year and further liberalisation of the Indian banking sector is expected.
Barclays, which has four offices in India, opened a corporate banking operation in India in 2006, and started retail banking in 2007.