August 26, 2021

BENGALURU (Reuters) -Barclays Plc will invest more than 30 billion rupees ($403.99 million) in its India unit to expand operations, the British lender said on Thursday.

With the investment, Barclays Bank PLC India’s total invested capital in Asia’s third-largest economy will increase to more than 83 billion rupees.

Barclays said the investment would help grow its corporate and investment banking, and private clients businesses in the country.

“As economic activity gathers momentum, there is increased demand for capital from clients,” said Jaideep Khanna, head of Barclays, Asia Pacific and Country CEO, India.

Barclays Bank PLC had inaugurated its International Banking Unit branch at GIFT City in the western state of Gujarat in February.

($1 = 74.2600 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)

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