Barclays Plc, the U.K.’s second- largest bank by market value, sees “enormous” potential in India that’s attractive to outside investors, Chairman Marcus Agius said.
“The external perspective of India in the rest of the world has been growing very rapidly and part of that is to do with the strength of the Indian economy,” Agius told reporters at an event in Mumbai today. “We see India as a country with enormous potential.”
India’s economic growth is strengthening, central bank Governor Duvvuri Subbarao said today. The pace of expansion in the world’s second-fastest growing major economy helped almost double the value of the nation’s benchmark stock index in the past year.
“Our business here is successful, and we want to see it grow,” Agius said.
Barclays in November said it planned to double its investment banking team in India. The lender last month said it will invest 350 million pounds ($549 million) over the next five years to boost its Barclays Wealth private banking unit.
Barclays increased its reliance on investment banking by acquiring the North American operation of Lehman Brothers Holdings Inc. in 2008 and selling its Barclays Global Investors fund management unit last year.
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