British banker, Barclays is planning to shut some of its offices in the country. The decision comes as a means to quit retail banking business in India. It has planned to close three of its branches, out of a total of nine branches it has here.
A spokesperson of the bank verified the news of the foreign bank shutting some of its Indian branches in a bid to exit retail banking sector in the country. However, the bank will continue operations in the other six branches which deal in corporate banking business.
The three branches which the bank is planning to close down are the ones present in Junagarh, Rajahmundry and Ahmednagar.
It is to be noted that the bank's decision to leave retail banking business and close down three branches comes at a time when other banks are competing with each other to set up new branches an increase their presence across the country.
It is reported that Barclays Finance had earlier shut many of its branches in India as it was no longer providing retail loans to customers in the country. In addition to that, it also sold its credit cards business here to Standard Chartered Bank and Kotak Mahindra Bank the previous year.
Currently, the bank has planned to focus only on corporate banking, investment banking and wealth management businesses in the country.