Foreign lender, Barclays is harboring plans to close down its medium and small business in India. According to sources familiar to the issue, the revenue earned from these sources is not sizeable for the investment banking divisions of the bank.
The bank instead aims to focus on the high class clientele of India like corporates, multinationals as well as financial institutions who can benefit from the product package of the bank and also leverage on its global presence.
Further the bank is also facing competition from domestic peers like HDFC Bank , Kotak Mahindra Bank and Yes Bank.
"Global headquarters are driving global strategies for these banks," said Yes Bank MD Rana Kapoor. "With capital requirements going up, foreign banks will now have to focus more on cost rationalisation," said a spokesperson of the bank.