Barclays to shut 3 branches in India, cut jobs - sources
MUMBAI, Sept 25
MUMBAI, Sept 25 (Reuters) - Barclays will shut three of its nine bank branches in India by end of this month, two sources with direct knowledge of the development said on Tuesday, as the British bank reduces its retail banking operations in the country.
Britain's fourth-largest bank is expected to cut about 30-40 jobs as a result of the closure of the three branches, one of the sources told Reuters. The sources declined to be named as they are not authorised to speak to the media.
In December last year, Barclays said it would stop making retail loans as part of its new strategy to focus only on wealth management and corporate and investment banking operations in India.
"We took a decision then to sharpen our focus in India on corporate and investment banking and wealth management and to reduce over time our retail banking presence to a core network of branches serving the high net worth individuals segment," Barclays said in a statement on Tuesday.
The Barclays branches that will be closed are in Rajahmundry in southern India, and Ahmednagar and Junagadh in western part of the country, the sources said. One of the sources said it may shut some other smaller branches over the next few months.
Foreign banks in India face stiff competition from local rivals such as top lender State Bank of India and No. 2 ICICI Bank, and have managed to capture only a small share of the country's retail banking business.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- Ford leans on global Mustang to burnish overseas image
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image