Barclays India is reportedly planning to resume hiring for its wealth management and corporate banking units in order to take opportunity of the revival in fund raising, and mergers and acquisitions by Indian firms.
Jaideep Khanna, Barclays country head, said, "We will hire, but we are not planning to enter any new business. The strategy for Barclays in India is around combined corporate and investment banking operations, which focuses on largest corporates. We are investing in equities and private wealth business. These will be the planks for growth in India."
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The lender has already shut down its retail operations, and according to Khanna will remain a wholesale bank, operating as a branch of its parent rather than choosing local incorporation, reports The Economic Times.
Barclays presently functions as a universal bank, and does not aim for a differentiated licence whenever it is given out or to subsidiarize into a local unit.
