# Barclays gets Australian banking licence in expansion push
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-12-20
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Barclays Plc gets approval to operate as foreign bank in
Meta Description: Barclays expands into high-growth markets with new Australian license, enhancing wealth management and investment banking services in the region.
URL: https://financedigest.com/barclays-gets-australian-banking-licence-in-expansion-pushhtml

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(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 to provide [wealth management](https://www.financedigest.com/analysis-credit-suisse-collapse-threatens-switzerlands-wealth-management-crown.html "Analysis-Credit Suisse collapse threatens Switzerland’s wealth management crown") services, 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](https://www.financedigest.com/dutch-online-bank-bunq-applies-for-u-s-banking-licence.html "Dutch online bank Bunq applies for U.S. banking licence") plans to provide investors easier access to the Pacific nation, it added.

Barclays Bank Plc [Australia’s branch in Sydney](https://www.financedigest.com/freedom-day-sydney-reopens-as-australia-looks-to-live-with-covid-19.html "‘Freedom Day’: Sydney reopens as Australia looks to live with COVID-19") is expected to begin operating as a foreign bank branch by April 2022, the lender said.

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


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