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Barclays Bank commences operation in Pakistan

By Arshad Hussain

KARACHI: Barclays Bank Plc., a prominent bank of the United Kingdom, has become a scheduled bank in Pakistan from July 23 by opening its four branches, said Shazi Ashraf, head of corporate affairs of the Bank.

“The Bank has commenced its two-branches in Karachi, one in Lahore and one in Islamabad from Wednesday (July 23) and the people are joining bank by opening their accounts,” she said. “These branches are absolutely new and we have hired staff in every section of the bank,” she said. Ms Shazi said, “the bank is neither interested to acquire any Pakistani bank till now nor it is negotiating for any merger.”

Barclays Bank Plc entered into Pakistan with an initial investment of $100 million aiming to open ten branches throughout the country. It has commenced four branches in Pakistan while other six branches would be started by the end of this year.

Through a notification, the State Bank of Pakistan (SBP) has declared “Barclays Bank Plc.” as a scheduled Bank with effect from July 23, 2008. Barclays Bank Plc, is the second largest global bank by assets size with regulatory capital of $68.138 billion and is a subsidiary company of Barclays Plc. Barclays Plc is listed in London, New York and Tokyo stock exchanges. Barclays Bank is a major global financial service provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. The bank operates in over 50 countries employing 123,000 people and has customer/client base of over 27 million. Barclays Bank and its companies operate 3,913 branches in over 50 countries.

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