Barclays has denied media reports that it is to launch private banking services in Israel, confirming instead that it has applied for regulatory approval to offer corporate banking services in the country.

The Israeli newswire Globes reported that the UK-listed bank plans to provide banking services to clients with more than $2.5 million in assets along with corporate banking services for large firms with a turnover of over $100 million. However the bank has only sought regulatory approval for corporate banking services from the Bank of Israel’s Banking Supervision Department, a spokesperson told WealthBriefing. The bank is understood to expect the green light to provide corporate banking soon.

Barclays Capital, Barclays’ investment banking arm, has been operating in Israel since 2008, when it launched a representative office in Tel Aviv, which is headed by Len Rosen.