Barclays is reportedly to completely pull out of South Korea after 39 years in the industry , as part of the bank 's global restructuring and cost cutting efforts . A bank official said that , " Barclays decided to withdraw from Korea to refocus on the Hong banking , Singapore and India markets in the Asian region ” . The bank had been posting losses since 2011 , due to increased competition ; in 2014 , Barclays Bank generated a profit of KRW 9.6bn ( $ 7.9 m ) , while Barclays Capital posted a loss of KRW 18bn ( $ 14.8 m ) .
Barclays is reportedly to completely pull out of South Korea after 39 years in the country, as part of the bank's global restructuring and cost cutting efforts. A bank official said that, "Barclays decided to exit from Korea to refocus on the Hong Kong, Singapore and India markets in the Asian region”. The unit had been posting losses since 2011, due to increased competition; in 2014, Barclays Bank generated a profit of KRW 9.6bn ($7.9m), while Barclays Capital posted a loss of KRW 18bn ($14.8m).