If Barclays plc's latest moves are any indication, then the British bank sees bigger growth opportunities in fast-growing India, the 12th largest economy in the world, than the mature economies of Spain and Portugal. That may be one reason the bank is opening up a wealth management business in India and possibly looking to sell a stake in its Spanish and Portuguese insurance businesses. Barclays reportedly is hiring more than 100 workers to run an Indian wealth management business in an attempt to claim a piece of India's swelling wealth management industry, which is expected to quadruple its size to manage about $1 trillion of assets in five years, according to Reuters. Meanwhile, in Spain and Portugal, Barclays is considering selling at least 50% of its stake in its insurance businesses, according to Spanish newspaper Expansion. The possible retreat from the Iberian Peninsula is notable because Barclays is the largest foreign bank in Spain, garnering a moderate profit of £207 million ($369 million) in the country last year. Overall, Barclays has €2.4 billion ($3.5 billion) in assets under management in life and pension funds in Spain and Portugal, with a market share of 0.7% in life assurance and 1.3% in pension funds, Expansion said. - Gerald Magpily ...
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If Barclays plc's latest moves are any indication, then the British bank sees bigger growth opportunities in fast-growing India, the 12th largest economy in the world, than the mature economies of Spain and Portugal. That may be one reason the bank is opening up a wealth management business in India and possibly looking to sell a stake in its Spanish and Portuguese insurance businesses. Barclays reportedly is hiring more than 100 workers to run an Indian wealth management business in an attempt to claim a piece of India's swelling wealth management industry, which is expected to quadruple its size to manage about $1 trillion of assets in five years, according to Reuters. Meanwhile, in Spain and Portugal, Barclays is considering selling at least 50% of its stake in its insurance businesses, according to Spanish newspaper Expansion. The possible retreat from the Iberian Peninsula is notable because Barclays is the largest foreign bank in Spain, garnering a moderate profit of £207 million ($369 million) in the country last year. Overall, Barclays has €2.4 billion ($3.5 billion) in assets under management in life and pension funds in Spain and Portugal, with a market share of 0.7% in life assurance and 1.3% in pension funds, Expansion said. - Gerald Magpily ...