(Reuters) – UK-based Barclays Plc said on Monday it had received approval from Australia’s prudential regulator to operate as a foreign bank in the country, as the lender continues its expansion into high-growth markets.
Barclays, Britain’s third-biggest bank by market value, in August pumped money into its India arm to tap rising corporate and investment banking activity in the South Asian nation.
Record low interest rates globally have also prompted the world’s top banks to look for more fee-generating avenues and expand into other markets, with London-listed HSBC stepping up its focus on Asia this year to boost growth.
Barclays had re-established its Australia office in 2018, and later invested in a domestic financial advisory firm which now has “a strong pipeline of transactions”, the lender said.
Getting the foreign authorised deposit-taking institution (ADI) licence by the Australian Prudential Regulation Authority will speed up the bank’s plans to provide investors easier access to the Pacific nation, it added.
Barclays Bank Plc Australia’s branch in Sydney is expected to begin operating as a foreign bank branch by April 2022, the lender said.
(This story corrects fourth paragraph to remove reference to Barclays providing wealth management services in Australia)
(Reporting by Anushka Trivedi in Bengaluru; Editing by Rashmi Aich)