Barclays Plc, the United Kingdom, second-biggest bank, reorganized the company into three separate divisions and plans to exit a unit in Indonesia.
Barclays reorganised activities to form three business groupings: Global Retail Banking (GRB), Corporate and Investment Banking and Wealth Management (CIBWM) and Absa. Absa is one of the biggest financial group in South Afrika.
As part of the restructuring, Barclays Corporate will realign some of its businesses, in order to focus its resources on those activities which will be prioritised going forward. This realignment will result in a non-recurring charge of approximately £100 million being taken by Barclays Corporate in the first half of 2010.
In India, Pakistan, Russia and the UAE, Barclays Corporate will primarily target the commercial banking needs of larger local corporates and the local operations of multi-nationals, working in close cooperation with both Barclays Capital and Barclays Wealth. The retail strategy in these countries will be developed in close collaboration with GRB.
Formerly, Barclays Bank Plc agreed to acquire some 99 percent of Bank Akita shares in 2008 to play with the promising prospective retail and commercial markets.
Barclays acquired 99 percent of shares possessed by Daniel Gunawan with his 86 percent ownership, Basuki Kumala 9 percent and PT Orix Indonesia Finance 5 percent. Daniel stays in the new ownership structure with 1 percent share possession.
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