Barclays launches retail banking in India
Barclays PLC, a major global financial services provider, today announces the launch of retail banking services in India with a new range of credit cards, personal loans, business instalment loans and investment services products. The new products will redefine retail banking in India, giving customers a greater degree of control over their finances, allowing them to tailor the product offering to meet their individual circumstances.
Barclays has a clearly stated aim of increasing the proportion of profit generated from outside the UK and of increasing its exposure to attractive emerging markets. India has a high-potential and fast growing retail financial services sector with retail banking set to grow at a compound rate of at least 30 per cent a year, making it an exciting market for Barclays.
Barclays aims to be among India’s fastest growing banks and to be amongst the top foreign banks in terms of incremental business within the next three years. As a first step in achieving this goal, the bank is launching its retail services in Mumbai, Kanchipuram, and Nelamangala, near Bangalore.
The bank will look to expand its geographical network over time while also utilising internet, telecommunications and technology such as ATMs. The retail network will be supported by direct sales agents, increasing customer reach significantly, and Barclays has sought approval to open more branches in India.
Samir Bhatia, managing director, Barclays India and the Indian Ocean, says; “India is one of the world’s most exciting markets for retail financial services. The country offers significant potential across customer and market segments which Barclays is well placed to maximise. We are developing products for the very affluent, the mass affluent, and the aspirational customer across market segments.”
The new products will take the lead in the Indian market through their simple and straightforward structure, putting customers in control of their finances. The credit cards will be from the Barclaycard stable, which is our market-leading global credit card brand. Our cards will be simple, flexible, clearly explained, with an easy to understand approach, all of which will put the customers in control of their credit. The three new Barclaycards available from this week are:
Barclaycard Gold– The only Gold card that lets customers choose how it works with all the things they need and none of the things they don’t. The customer has the choice of setting the billing date, minimum amount due and the credit limit to be allocated.
Barclaycard Smart Budget– The card with no nasty surprises – which lets customers decide how much they can afford each month and only pay that amount, regardless of how much they spend
Barclays Premier League Barclaycard – The card for the soccer enthusiast, which takes you closer to all the action through merchandise, “money can’t buy” offers and news from the Barclays Premier League.
The new Barclays Personal Loans will minimise documentation required and therefore, speed up the approval process. The personal loan will also offer a maximum term of seven years, against a market average of five years. This translates into the lowest possible EMI (Equated Monthly Instalments) and gives the customers greater flexibility and control in repaying their loan.
Barclays Business Instalment Loans are simple unsecured business loans for small and medium sized enterprises that will help fulfil their growth aspirations. The funds can be used for various purposes from purchasing equipment to meeting day-to-day working capital needs. Along with easy documentation and quick approval, these loans offer great features such as a maximum loan amount of Rs.35 lakhs, no collateral/security required, and repayment in the form of easy monthly instalments.
The new Barclays - Premier Investment Services offers value added distribution services to Indian investors. It will focus on enabling the customers to understand how to develop their investment portfolio, manage it and track the status on an on-going basis. This will allow for more informed and timely investment decisions. The Premier - Investment Service offers an array of investment options including debt and equity investments, mutual funds, and insurance.
Samir Bhatia adds; “Barclays will differentiate itself in the market through a compelling product offering backed by superb execution, which will resonate with the customer. Barclays has over 300 years of experience in providing financial services to a global customer base and operates in over 50 countries. Barclays will draw on this depth of experience and bring the best Barclays has to offer to its Indian customers, redefining the Indian retail financial services market.”
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