“We’re seeing an increased amount of exports in both directions. You’re seeing Indian companies continuing to look to expand in the UK,” Venkatakrishnan told CNBC-TV18.
He cited Bharti’s investment in British Telecom and Airtel Money’s upcoming London IPO as examples of the growing India-UK business corridor. “Airtel Money is IPOing in London in a few weeks. We’ve been privileged to help with both of those transactions. I think you’ll see more of this,” he said.
Venkatakrishnan was speaking about the impact of the UK-India trade agreement, which he said was helping goods and services move between the two countries in a more streamlined manner and at lower tariffs.
Barclays sees more India-UK business flows
According to Venkatakrishnan, the trade agreement should help UK companies sell goods in India, and Indian companies expand their presence in the UK.
“As a bank that operates in this corridor and has done a lot in this corridor, we hope to make that happen in a more efficient and seamless way for parties on both sides,” he said.
He also pointed to India’s growing role in Barclays’ global operations. The bank has around 100,000 employees globally, of whom about 30,000 are in India, with operations across Gurugram, Noida and Delhi, Pune, Mumbai and Chennai.
Venkatakrishnan said Barclays has moved beyond shifting individual processes to India and is increasingly moving entire processes, as well as the design and operation of new activities.
“A lot of that will happen from India,” he said, referring to the potential for artificial intelligence to enable cheaper and better customer service, product creation and greater personalisation.
Barclays plans to expand equities business in India
Venkatakrishnan also said Barclays is looking to re-enter India’s equities market, which he described as a missing piece in its India business.“We have a lot of appetite in India. We have a big investment banking business, a markets business, a corporate banking business, and a private bank business,” he said.
“Equities has been a missing piece, and the Indian equity market is a very sophisticated market.”
He said Barclays wants to help Indian companies, particularly mid-sized firms, access both domestic and global capital markets.
“We want to help them gain access to not just the Indian market but to global markets and play our role in bringing investment into India. The equities piece has been missing, and we need to fix it.”
Venkatakrishnan also said India’s 7.5% economic growth was contributing to greater ambition among Indian companies to expand overseas, including through acquisitions and technology-led expansion.
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Watch accompanying video for full conversation.
