If Barclays plc's latest moves are any indication, then the British bank sees bigger growth opportunities in fast-growing India, the 12th largest economy in the world, than the mature economies of Spain and Portugal. That may be one reason the bank is opening up a wealth management business in India and possibly looking to sell a stake in its Spanish and Portuguese
insurance businesses.
Continue reading below
Barclays reportedly is hiring more than 100 workers to run an Indian wealth management business in an attempt to claim a piece of India's swelling wealth management industry, which is expected to quadruple its size to manage about $1 trillion of assets in five years, according to Reuters.
Meanwhile, in Spain and Portugal, Barclays is considering selling at least 50% of its stake in its
insurance businesses, according to Spanish newspaper Expansion.
The possible retreat from the Iberian Peninsula is notable because Barclays is the largest foreign bank in Spain, garnering a
moderate profit of £207 million ($369 million) in the country last year. Overall, Barclays has €2.4 billion ($3.5 billion) in assets
under management in life and pension funds in Spain and
Portugal, with a market share of 0.7% in life assurance
and 1.3% in pension funds, Expansion said. - Gerald Magpily
Comments
Barclays Bank is also about to outsource it's IT and Operations functions in Dublin and Zaragoza, Spain, Spain to Hewlett Packard in a multi-million € deal. It is estimated that over 1,000 jobs will be lost in the deal with HP.
For more information contact:
Bob Rickert - CIO, Barclays, London
Juan Pedro Gravel - COO, Barclays, Madrid
Thank you
theinsiderbar