Barclays Bank plc granted green light to expand in Israel

Barclays will provide services to business customers and target large and mid-sized export-oriented companies

Barclays Bank plc has become the fifth foreign bank with branches in Israel, joining Citibank , HSBC , BNP Paribas and State Bank of India.

Bank of Israel Governor Stanley Fischer has awarded Barclays Bank plc a banking licence and permit to open a branch, the central bank said, paving the way for the UK-listed bank to expand its investment banking and brokerage activities.

The license is a necessary condition for the bank to become a Tel Aviv Stock Exchange (TASE) member, which it applied for last Thursday. If accepted, Barclays would become the third foreign bank that is a TASE member, after Citigroup Inc. and HSBC Holding plc. Barclays Bank plc has had a representative office in Israel since and the permit to open a branch provides it with a platform to expand its banking activity in Israel.

Barclays will provide services to business customers and target large and mid-sized export-oriented companies. The bank doesn't intend to offer retail banking to the public at large.