Business

Barclays receives Australian banking license in push for expansion

FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London
FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS / Stefan Wermuth / File Photo

December 20, 2021

(Reuters) – Britain-based Barclays Plc on Monday said it had received approval from Australia’s safety regulator to operate as an offshore bank in the country, as the lender continued to continue to expand into high growth markets.

Barclays, Britain’s third-largest bank by market value, in August pumped money into its Indian branch to tap into the South Asian nation’s growing corporate and investment banking business.

Record-low interest rates globally have also prompted the world’s top banks to seek more fee avenues and expand into other markets, with London-listed HSBC stepping up its focus on Asia. this year to spur growth.

Barclays re-established its Australian office in 2018 and subsequently invested in a local financial advisory firm, which now has “a robust trading system”, the lender said.

Obtaining an Australian Authorized Depository Institution (ADI) license by Australia’s Prudential Regulator will accelerate the bank’s plans to provide investors with easy access to than with the Pacific nation, it added.

Barclays Bank Plc Australia’s Sydney branch is expected to commence operations as an offshore bank branch in April 2022, the lender said.

(This story corrects the fourth paragraph to remove the reference to Barclays providing property management services in Australia)

(Reporting by Anushka Trivedi in Bengaluru; Editing by Rashmi Aich)

https://www.oann.com/barclays-gets-australian-banking-licence-in-expansion-push/?utm_source=rss&utm_medium=rss&utm_campaign=barclays-gets-australian-banking-licence-in-expansion-push Barclays receives Australian banking license in push for expansion

Bobby Allyn

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