Barclays Bank PLC today announced it has successfully secured a bank license from the Canadian banking regulator to commence and carry on business as a foreign bank branch under the name Barclays Bank PLC, Canada Branch. This is effective December 18, 2009.
“The bank branch secured in Canada underscores our commitment to the country and to our goal of addressing our institutional and corporate client needs globally,” said Jerry del Missier, President of Barclays Capital and a member of the Barclays Bank PLC Executive Committee.
“This is another milestone in the evolution of our Canadian franchise,” said Sandra Godard, Principal Officer of Barclays Bank PLC, Canada Branch. “It is an important part of our Canadian strategy and will help us to deploy all of Barclays Bank’s capabilities to our investment banking clients.”
The bank branch will enable Barclays Bank PLC to lend to its corporate clients and is complementary to the investment banking and capital markets services offered by Barclays Capital through its existing Canadian presence.
Today’s announcement of the branch license follows several appointments made last year to further the firm’s initiatives in the country. In September 2009, the firm announced the senior appointments of Ian Montgomery as Chief Operating Officer of Canada and John Kennedy as Chief Compliance Officer of Canada. Earlier in January 2009, the firm appointed Tim Kitchen as Managing Director and Head of Investment Banking in Canada.
About Barclays in Canada
Barclays PLC has a growing presence in Canada through Barclays Capital, its investment banking division. Barclays Capital in Canada has offices in Toronto and Calgary, providing investment products and services to corporate, government and institutional clients; the firm also operates a growing commodities trading business in the region. In time, Barclays expects to offer a full-service loans, sales, trading and research platform through Barclays Capital Canada Inc. and Barclays Bank PLC, Canada Branch.