Barclays Wealth set to launch India operations in second half
Barclays Wealth is set to launch its operations in India in the next few months, according to a report in The Economic Times of India.
"We have decided to launch the (wealth management business) in the second half of this year. The focus would be on onshore high net worth Individuals and offshore clients looking at India-linked investments," said Satya Narayan Bansal, Barclays Wealth's India chief executive.
Barclays Wealth has identified five centres in the country to set up offices in the initial phase and has targeted to recruit 100 professionals in the next one year, Bansal said. These centres are Mumbai, Chennai, Kolkata, Bangalore and Delhi. "We have presently 30 people on board, while the number would go up to 100 in the coming twelve months," Bansal said.
The group, which had commenced its retail banking operations in India early last year, is eying to tap the under-penetrated Indian HNI market, which has an estimated $50bn (€32.3bn) investable assets excluding the core promoter holding," Bansal said.
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