Barclays, the recent entrant in retail banking, is looking at all verticals of market, unlike other multinationals who tap only the top-end players. The bank is looking at launching its retail and commercial banking in other markets, too, in the region and is battling hard to take over ABN Amro Bank.
Barclays’ chief executive-global retail and commercial banking Frederik Seegers said, “India is a massive market. We want to be the bank of choice across all segments. So, we are interested in the top segment, middle segment and lower segment. You would see us involved in micro-finance, micro-savings, middle markets.”
India is the first country in Asia, where Barclays launched its retail and commercial banking activities, along with the UAE. Deutsche Bank was the last foreign bank to launch its retail banking in India in 2005.
The company did not reveal its plans and strategy for the country, however Seegers said, “We have a plan and we would hit it sequentially. We would keep on investing at an accelerated pace. We have raised a brand name for Barclays in India and have expanded our distribution channels.”
Barclays’ managing director for global retail & commercial banking (India & Indian Ocean) Samir Bhatia said, “We have a significant double-digit market share in most products. We will be among the top foreign banks, if not the top bank, in these products.”
If sources are to be believed, the bank is now dispersing around Rs 300 crore of personal loans every month. This is similar to what some of the bigger foreign banks are dispersing.