Showing progress: Barclays has a presence in five large cities in India
THE INDIAN wealth management unit of Britain's Barclays expects its business to expand 25 per cent annually for at least three to five years as it taps into the country's growing rich, a top official said.
Barclays started its Indian private banking operations last November and has more than 100 staff in five large cities, including Mumbai and Delhi, catering to individuals with at least $1m (£590,247) in investable surplus. "We are likely to increase our staff by another 15-18 per cent this year, both on the coverage side and support side," said Satya Bansal, chief executive of the Indian wealth unit. "We would be expecting a growth rate of 25 per cent per annum," he told a reporter in an interview. Bansal did not disclose assets under advisement but Robert Morrice, chairman of Barclays in Asia Pacific, had told a reporter in Tokyo in July the Indian wealth unit was on target to have more than $1bn (£59m) in assets by the end of 2009.
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