Barclays Bank to expand operations in Pakistan

[Naveed Yaseen]

KARACHI, Aug 26: Barclays Bank PLC, a major global financial services provider, has decided to expand its operations in Pakistan, says a press release issued on Tuesday.

The bank has begun operations in Pakistan with branches in Karachi, Lahore and Islamabad.

By the end of 2008, Barclays Pakistan aims to operate 10 branches and 10 sales centres across the country, with more aggressive expansion plans for 2009.

The launch of Barclays Bank PLC Pakistan is an important step in Barclays ongoing strategy of increasing its coverage in emerging markets with good growth characteristics. Barclays aims to reinvent retail banking in Pakistan, giving customers a better choice, great service and more control over their finances.

Being a major global financial services provider, with presence in over 50 countries, Barclays obtained licence from the State Bank of Pakistan in December 2007 to conduct banking business, and in May 2008, Barclays injected a capital investment of $100 million.

Barclays Bank Pakistan has launched a range of consumer, commercial and treasury products. These introductory products include current and savings accounts, trade financing, personal loans, mortgages, debit and ATM cards, covering the basic financial needs of consumers.

Other products, such as car financing, credit cards (Visa), small and medium enterprise financing, business financing, investment accounts and internet banking will be introduced in the coming months.

Barclays has also announced an innovative social investment programme in partnership with UNICEF.

As part of its global community investment programme focused on helping disadvantaged people work towards financial independence and security, Barclays is providing over Rs3 crore to UNICEF Pakistan to support the government in addressing major child protection issues.

http://www.dawn.com/2008/08/27/ebr10.htm