New executives have been added to Barclays PLC's senior management in India, a significant foreign market for the firm. According to persons with knowledge of the situation, Ram Gopal, who has led the nation's bank for almost six years, would be succeeded as CEO by Pramod Kumar. The British bank also hired Suneeta Shetty from HSBC Holdings Plc as its chief operating officer for India, according to the people, who asked to remain anonymous because the developments have not yet been made public.
One of the most significant international marketplaces for Barclays is where these developments are taking place. India came in fourth place among Barclays' international divisions in terms of revenue last year, only after the US, UK, and Ireland. In less than ten years, the company's revenue in India has more than tripled, outpacing growth in other important Asian countries like Singapore or Hong Kong. The India business, which also comprises corporate and private banking, outpaced Singapore's and Japan's in terms of size in the previous year.
Kumar joined Barclays approximately 12 years ago and is currently the head of banking for its investment bank division in the nation.
Shetty has worked with HSBC for more than 17 years, with her most recent job being group head of transaction monitoring operations and center director at GSC Krakow in Poland.
Jaideep Khanna, the Asia Pacific head of Barclays, resides there, which aids in preserving tight relationships with the country's expanding class of wealthy and powerful businesspeople. The bank's redesigned India team will face challenges from rivals like HSBC Holdings Plc and HDFC Bank Ltd., which are expanding their local business, as well as the unrest around a significant client, the Adani group.