icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Barclays chief points to emerging markets

The head of British bank Barclays PLC, which has announced a doubling of net profit in its 2009 to $14.71 billion, says emerging markets like Russia have played a key part in the turnaround.

The bottom line was driven sharply higher from its $7.35 billion net result in 2008 with the sale of its asset management arm, Barclays Global Investor, to BlackRock, despite the economic downturn hitting retail and commercial operations in Western Europe.

CEO Robert Diamond says further expansion into key new markets has helped the bank stay profitable, and added that Barclays is looking to increase its investment in Russia.

“One of our biggest initiatives going forward is to continue to invest into our businesses, not just in Asia and in places like China, India and Korea, Russia is a key part of that as well. We had a good start last year with the acquisition of a small bank, we have a very strong ‘commodities and investment banking’ business and we will continue to invest into that business.”

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.