The Tel Aviv Stock Exchange (TASE) has approved the application of Barclays Bank PLC for TASE membership.
TASE goes on to say that the inclusion of Barclays, which received the Bank of Israel's approval to operate in Israel as a foreign bank, brings the number of foreign TASE members to six.
It reminds readers that Barclays is a wholly-owned subsidiary of Barclays PLC and is traded on both the London Stock Exchange and the New York Stock Exchange. The bank's long-term debt credit rating is AA- according to S&P's rating scale, Aa3 according to Moody's and AA- according to Fitch.
The accession to TASE constitutes an additional platform through which Barclays can expand activity in Israel. While headquartered in the U.K., Barclays operates worldwide with vast activity in retail and investment banking. The group maintains branches and representative offices in 50 countries around the globe.
Len Rosen, CEO of Barclays Capital, the group's investment banking division, sees TASE membership as a means to deepen the group's footprint in Israel: "Membership in the Tel Aviv Stock Exchange constitutes a badge of honour for us as a leading investment group in Israel. This decision enables Barclays to enhance the array of services it renders to the State of Israel, its economy and its citizens. In this manner, the bank will take another step towards its goal of becoming a leading investment force in Israel."
Ester Levanon, TASE CEO said: "We welcome Barclays as TASE's newest international member. Its membership constitutes an important vote of confidence in Israel's economy and capital market from a leader in international financial market services. Barclays’ membership is certain to increase the exposure of Israel's capital market among international investors and will facilitate access of its global customer base to the Tel Aviv Stock Exchange.”