Barclays to close three branches in India

At a time when most foreign banks are looking to expand their presence in India, British lender Barclays has decided to close three of its nine bank branches in the country.

The move follows its decision to move out of its retail business in the country according to sources quoted by Business Standard.

The foreign lender would shut branches in Ahmednagar, Rajahmundry, and Junagarh, but it would retain the remaining six branches to carry out its corporate banking operations.

The development was also confirmed by a spokesman of Barclays India, the report said.

Earlier Barclays Finance, the non-banking finance arm of Barclays in India, had most of its branches in the country as it was no longer offering retail loans to its customers.

After selling its India credit cards business to Standard Chartered Bank and Kotak Mahindra Bank last year, Barclays is now in talks with bidders for sale its Rs3,200 crore retail assets business.