Barclays to expand franchise in India
As a part of its expansion drive in the high-potential Indian financial services market, Barclays Bank is planning to pick up a 10 per cent stake in asset reconstruction company, ARCIL, from domestic banking major ICICI Bank.
By PTI |
MUMBAI: As a part of its expansion drive in the high-potential Indian financial services market, Barclays Bank is planning to pick up a 10 per cent stake in asset reconstruction company, ARCIL, from domestic banking major ICICI Bank.
"We intend to expand our operations in India where we are already a leading player in debt raising for Indian corporates as well as in risk management. The ARCIL move is a part of our entry strategy into the Indian market," Barclays Capital Managing Director-Investment Banking Raju Shukla told the media.
Barclays is a leading player in the Asian asset reconstruction market space and our foray into India is an extension of our expertise into the country, Shukla said.
The stake pick-up in ARCIL, is, however, subject to regulatory approvals being obtained and "our Indian office is presently pursuing this," he said, adding that it would not be possible to disclose the valuation of the deal at this juncture.
Describing ARCIL as the most active company in the distressed markets space in India, Shukla said acquisition of a stake in the company will enable Barclays to better understand the dynamics of the Indian market.
A major player in the Indian debt market, Barclays has raised over USD 2 billion in the last two years for Indian corporates, including USD 250 million in January for NTPC in the form of a 10-year bond issue and USD 150 million for UTI Bank a few days ago.
"We intend to expand our operations in India where we are already a leading player in debt raising for Indian corporates as well as in risk management. The ARCIL move is a part of our entry strategy into the Indian market," Barclays Capital Managing Director-Investment Banking Raju Shukla told the media.
Barclays is a leading player in the Asian asset reconstruction market space and our foray into India is an extension of our expertise into the country, Shukla said.
The stake pick-up in ARCIL, is, however, subject to regulatory approvals being obtained and "our Indian office is presently pursuing this," he said, adding that it would not be possible to disclose the valuation of the deal at this juncture.
Describing ARCIL as the most active company in the distressed markets space in India, Shukla said acquisition of a stake in the company will enable Barclays to better understand the dynamics of the Indian market.
A major player in the Indian debt market, Barclays has raised over USD 2 billion in the last two years for Indian corporates, including USD 250 million in January for NTPC in the form of a 10-year bond issue and USD 150 million for UTI Bank a few days ago.
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