After declaring India as its major FinTech innovation hub, Barclays continues to help merging and acquisition deals among Indian and UK companies. Barclays India’s chief officer already had said Barclays is keen on becoming major player in research and development engine for financial services and India will be at the center for these investments in innovation of financial services. Barclays will be making efforts for combined computer programming in the banking space in Mumbai alongside with Manchester, he added later on. Further, he said there are more than twenty thousand employees of Barclays directly or through its partners.
India has been considered only for getting things done cheaper. For now there has been massive change in environment as high-end work happens in India. Barclays has launched Rise Mumbai as a hackathon using its FinTech innovation platform. It stands as a sixth global event for Barclays before launching in London, Manchester, New York, Cape Town and Tel Aviv hubs. Rise includes as many as thousand participant and number startups.
Ram Gopal, Barclay’s India chief officer has also said that they are planning to serve multinationals companies here in India only. Also many Indian companies who got interest in the US and the UK to serve them in those countries only.
After Brexit- Britain’s exit from the European Union which is having an impact on business, these initiatives from Barclays might help both countries to remain on the same page. Barclays has recently managed the sale of Alliance Tires to Yokohama Rubber in one of the largest cross-border mergers and acquisitions (M&A) deals. India is one of the countries whose growth rate exceeds 5.5%, major reasons that many such companies have an investment prospect around India.
After meeting with both prime ministers from the UK and India, he said Britain and Barclays are open for investments. As mentioned earlier by British PM Theresa May that the UK has in the past been open for businesses. Even with her sweet words, we all have to wait and see when Brexit finally fructifies, if it’s bitter or sweet.