Barclays to invest more than $400 million to expand India operations, BFSI News, ET BFSI

Barclays Plc will invest more than Rs 3,000 crore ($403.99 million) in its India unit to expand operations, the British lender said on Thursday.

With the investment, Barclays Bank PLC India’s total invested capital in Asia’s third-largest economy will increase to more than Rs 8,300 crore.

Barclays said the investment would help grow its corporate and investment banking, and private clients businesses in the country.

“As economic activity gathers momentum, there is increased demand for capital from clients,” said Jaideep Khanna, head of Barclays, Asia Pacific and Country CEO, India.

Barclays Bank PLC had inaugurated its International Banking Unit branch at GIFT City in Gujarat in February.