Renowned world bank, Barclays would launch its formal operation in Pakistan in mid of the current year with a capital of 100 million dollars. Mohsin Nathani, Country Head and Managing Director of Barclays in Pakistan, informed this at a lunch, hosted by Sattar and Sattar Legal Services on Thursday.

He said that State Bank of Pakistan (SBP) already had granted a banking license to Barclays Bank Plc, UK to conduct banking business in Pakistan. "We will initially set up 10 branches in various cities of the country with state of the art technology and an efficient banking system," Nathani added. He said that Barclays Bank, last week set up its head office in Karachi and hiring of staff has been started.

Nathani said that Barclays Bank was the second largest global bank in terms of assets and a subsidiary company of Barclays Plc listed in London, New York and Tokyo.

"Barclays is already operating in over 50 countries and engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, which would also be available in the Pakistan," Nathani informed. He said that Barclays would bring huge investment and latest banking system in Pakistan to further push the already rising banking industry.