Barclays Bank, one of the world's biggest banks, is opening a branch in Israel. Globes reported Monday that Barclays' representatives have submitted the required paperwork to the Bank of Israel Banking Supervision Department, which is expected to approve the initiative.
According to the report, Barclays does not intend to go into retail banking in the Jewish state, but will focus on corporate banking, “especially for large companies with a turnover of more than $100 million,” and private banking for premium customers with assets worth over $2.5 million.
Barclays is ranked as the 21st largest company in the world by Forbes Global 2000. According to Datamonitor, it is also the largest financial services provider in the world, with $3.7 trillion in assets.
Barclays, which is over 300 years old, has about 147,000 employees and 48 million customers worldwide, and a presence in 58 countries. It operated Bank Barclays Discount in Israel in partnership with Israel Discount Bank, until 1993.
Barclays Capital, the investment arm of Barclays Bank, has operated in Israel since late 2008. Globes said that its representative office is “dominant” in Israel and is considered “the main investment bank for advising on transactions and mergers and acquisitions.”