Barclays returns to Australia following two-year hiatus
UK bank Barclays has once again set up in Australia, a little over two years after abruptly exiting the country.
The office, based in Sydney, will focus on providing a core product offering including advisory and capital markets to local corporate and institutional clients.
Barclays closed down operations in 2016 as part of a regionwide retreat which saw 1,200 jobs lost across Australia, South Korea, Taiwan, Malaysia, Indonesia, Thailand and the Philippines.
- Kiwibank appoints Steve Jurkovich as CEO to oversee digital push
- Reserve Bank of Australia promotes Gayan Benedict to CIO
- Read the latest edition of ANZ’s Business Chief magazine
Tim Throsby, President, Barclays International, and CEO, Corporate and Investment Bank, commented: “Re-establishing our on-the-ground presence in Australia, the third largest financial market in Asia Pacific, is an important part of our strategy to grow our franchise.
“We are committed to devoting financial resources and providing solutions to our Australian clients while supporting the growth and improvement of our global franchise.”
Paul Early and Richard Satchwell, two Barclays veterans, will lead the Australia team. The bank already serves Australian clients and other organisations doing business in the country.
Early joined Barclays in Sydney in 2007 to lead the Mining and Metals sector coverage for Australia. In 2012, he relocated to Hong Kong to manage the team covering natural resources clients across Asia Pacific.
Satchwell joined Barclays in London in 2005 focusing on acquisition finance in Europe.
In 2007, he relocated to Sydney and held leadership roles across the Australian financing and risk management businesses, as well as having responsibility for the broader Asian acquisition and leverage finance teams and industry and advisory teams in Australia.
He was most recently part of the Europe and Middle East leveraged finance team based in London.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.