MANILA, Philippines - Barclays Capital, the investment banking division of UK-based financial services firm Barclays Bank Plc, has opened a Philippine representative office to initially concentrate on investment banking.
The local representative office will be headed by Romualdo Ivasco.
Barclays Plc chairman Marcus Agius said their entry into the Philippine capital markets is part of their long-term plans to expand toward the emerging markets.
Barclays recently acquired Expobank in Russia, Goldfish of the UK, and Akita Bank in Indonesia. It likewise opened an investment banking office in Japan and India.
“2009 recorded a good start for Barclays in the emerging markets especially in the Asia Pacific region,” Agius said in a press briefing yesterday.
Aside from increasing its strength in the UK market, Barclays expanded its reach into the US market through its acquisition of the North America investment banking arm of failed Lehman Brothers.
“We are expanding not only geographically but also in the areas of new business models at a time when the present credit crisis is offering new opportunities. Our acquisition of the North American arm of Lehman proves that we have the strategic flexibility,” Agius added.
The Philippine market has been enticing foreign players as it is a leader in the fixed income and debt issuance market.
“We want to be close to the issuer, and we see more opportunities,” said David Wright, Barclays Capital vice chairman and head of the Asia Pacific regional operations.
He added that aside from investment banking, the Philippines and the region offers opportunities like equity and trading capital as well as mergers and acquisitions (MAs).
Last year, Barclays Capital reported profits after tax of nearly six billion pounds. “It was a record year for Barclays in terms of revenues,” Agius said.
“We are well positioned to maintain Barclays competitive strengths through the undoubted challenges that will come in 2009 and beyond,” he said.
Barclays Capital provides large corporate, government and institutional clients with a comprehensive set of solutions for their strategic advisory, financing and risk management needs.
These solutions include bonds, commodities, credit, equity cash and derivatives, structures investment products and services. It has offices around the world, employs over 20,000 people and has the reach, advisory services and distribution power to meet the needs of clients worldwide.