Barclays to invest in India

UK banking giant Barclays has announced plans to invest £40 million in India over a period of two years.

The company's chairman and chief executive for the Asia-Pacific region told reporters that the investment formed part of wider plans to increase Barclays' profits outside Britain to 50 per cent over three years.

According to Reuters, Barclays intends to fund a corporate banking team in the rapidly expanding Indian banking market and has applied to the Indian central bank for approval to open new branches.

Senior official Robert Morrice revealed that Barclays has spent $150 million over the past month to boost its Indian operations and predicts strong future growth in overseas issuances.

Indian convertible bond issues totalled $3.5 billion last year, with Barclays issuing $1.29 billion worth of convertible bonds since January 2005. Barclays also has ambitious acquisition plans for India.

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