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Barclays Bank to open first Israeli branch

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Tuesday, October 26th, 2010

As reported in Globes:

Sources inform ”Globes” that Barclays Bank plc (LSE: BARC), one of the world’s most important banks, is opening a branch in Israel. Last month, Barclays’ representatives submitted the necessary paperwork to the Bank of Israel Banking Supervision Department, and approval is expected quickly.

Barclays intends to focus on corporate banking, especially for large companies with a turnover of more than $100 million, and private banking for premium customers who manage assets worth more than $2.5 million.

A source involved in the process told “Globes” that Barclays has no plans to engage in retail banking. A foreign bank has a major advantage in corporate credit over local banks, since it has no effective single borrower or borrower group restrictions.

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