Barclays is planning to go slow on its international expansion drive to merit further investment, reported the Times Online. Anthony Jenkins, global head of retail banking at Barclays, is said to have told his executives that the bank would expand only in markets where it has considerable presence.
Reportedly, Barclays operates in more than 50 nations, from Ghana, Rwanda and Zimbabwe, to Luxembourg, Singapore and the Seychelles. It has been reported that the bank has decided to scale back its operations in India, after curbs on foreign ownership made it difficult for it to expand.
The bank’s Russian business, which was acquired in 2008, has been advised to concentrate on corporate and small-business lending. Similarly, operations in several other markets are also being ordered to shelve plans to expand and instead focus on niche areas, reported the website.
