- In order to expand its footprint, Barclays ( NYSE: BCS ) is looking out for a Chinese banking partner for setting up an asset management JV in the country.
- The unit will be set up through the British bank's unit Barclays Investment Managers (BIM) which currently has operations in Europe and Japan, as cited by Reuters .
- China expansion plan comes amid the bank slowly expanding its presence in Asia, reversing a pullback from the region six years ago when it exited its cash equities business and sold its Singapore and Hong Kong wealth management units.
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Barclays to foray into China's asset management industry through its BIM unit