Barclays is repotedly planning to resume its equity capital market operations in India after an absence of almost 10 years.
The move would restore a product to the bank’s wholesale banking business, Barclays India CEO Pramod Kumar said at the Bloomberg New Economy Forum in New Delhi.
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“That’s one important product missing in our otherwise very strong wholesale banking offering,” Kumar said.
Barclays would be able to seek underwriting mandates for initial public offerings (IPOs) while companies continue to prepare listings following two consecutive years of unprecedented deal activity, the news publication noted.
“We do believe India will offer a long-term opportunity for banks like us to help our clients in meeting their capital needs across debt as well as equity,” Kumar said.
Data published on the Securities and Exchange Board of India’s website shows that about 170 companies have received approval for IPOs.
A further 115 are waiting for regulatory decisions.
The volume of activity has also encouraged international investment banks, including Emirates NBD and DBS Group, to expand their operations in India.
Reuters reported last month, citing sources, that HSBC was preparing to return to India’s equity broking market after more than 10 years.
The sources said HSBC was responding to increased activity in India’s share markets and stronger interest from wealthy customers in equity-related products.
HSBC withdrew from India’s retail brokerage and depository operations in 2013.
