Barclays eyes retail banking

Integrated financial services provider Barclays, which has been operating in the country for almost a decade through Barclays Capital, will soon be making its corporate and retail banking services available in the country.

The first stop for its global retail and commercial banking (GRCB) division would be Mumbai, the country's financial capital.

Barclays is looking at an end-November or early December rollout for its GRCB plans in the country.

Cities other than Mumbai are currently being assessed for drawing up an order of preference for the next branch to be opened. Immediate focus would be on the metros.

However, the company is also looking at tier-II cities, such as Pune, said a source in the company.

Although Barclays is eager to establish and expand its GRCB network in India as fast as possible, the process of complying with Reserve Bank of India's rules and regulations has made finalising the expansion plan an elaborate matter.

The source said the entire exercise is at a "preliminary planni ng stage". The new establishment in Mumbai will probably come up in the southern part of the city.

However, the company is working with RBI before it finalises a launch date for the new services.

The services that may be provided by Barclays through its GRCB will include assistance in building industry associations, trade transactions, import and export, corporate banking and premium banking services, such as private banking and wealth management, the source indicated.

Barclay officials, when contacted, declined to comment on the status or nature of the development.