Barclays quits Asian retail
Barclays will scale back its investment in retail banking activities in select markets in Asia, the bank announced on Friday, providing one or two in-fill opportunities for banks expanding in the region (such as ANZ).One business to be sold (or even shut, if necessary, according to some media reports) is Bank Akita, an Indonesian bank with only four branches. Barclays bought this business in 2008.The bank will also sell retail operations in India, Pakistan, the United Arab Emirates and Russia.Barclays said it will take a charge of £100 million arising from the change in priorities.The emerging markets activities of Barclays (which include corporate banking) made a pre-tax loss of £254 million in the year to December 2009.