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Barclays says looking to increase profits from Asia and United States

Barclays says looking to increase profits from Asia and United States

Barclays PLC chief executive John Varley said Tuesday the British-based bank wants to increase its share of profits from Asia and the United States.
Varley said that the bank currently books around 15 percent of total profit from the United States, up from 3 percent in its first decade of operations there, but said that is still relatively low.
"I would like to see that number go higher through time," Varley said at the British Bankers' Association annual meeting in London.
Similarly, the bank's profits in Asia have accounted for just 5 percent of profits in the past three to four years. That rose to 9 percent last year, Varley said.
"We have started to move the needle, but I'd like to see that go higher over time," he said.
The state-owned China Development Bank took a 3 percent stake in Barclays last year, a development that Varley said Barclays welcomed as providing "a new leg for growth."
"That strategy remains very much in place," he said, adding that expansion could be through either global retail or its capital markets business.


Updated : 2021-05-07 18:44 GMT+08:00