Barclays Plc plans to increase its Asian business contribution to 20
percent from last year's 12 percent of profits in a short time with China, a key
market, the financial services group's chief executive said in Shanghai on July
1. John Varley said Barclays was insufficiently exposed in Asia and that the
market was one of the fastest growing segments for the group.
In the past
four years, Asian markets contributed less than 5 percent of the group's
profits. However, that rose to 12 percent in 2008 and is expected to rise to 20
percent within a short period of time, he said, although he didn't specify a
detailed timeline.
"We have a strong sense of commitment to develop
business in China and Shanghai," Varley told Shanghai Mayor Han Zheng. Varley
said Barclays was happy to take a role in helping Shanghai gear up as a global
financial hub.
Varley said one of his main responsibilities was to
diversify and internationalize the company.
The London-based company,
which is partly owned by China Development Bank, is awaiting a license to do
yuan business in China.
It has a network presence in Shanghai and
Beijing.
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