Barclays Bank plc is ramping up its Canadian operations, with the announcement Thursday that it has secured a bank license from the Office of the Superintendent of Financial Institutions to carry on business as a foreign bank branch.

The branch, which will do business under the name Barclays Bank plc, Canada Branch, will enable Barclays to lend to its corporate clients in Canada, and the firm says that complements the investment banking and capital markets services already offered by Barclays Capital in Canada.

“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.

The new banking license comes on the heels of other recent steps to advance the firm’s presence in Canada, including several executive appointments made last year. In time, Barclays expects to offer full-service loans, sales, trading and research platform through Barclays Capital Canada Inc. and the new branch.

“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.”

IE