Barclays gets Pakistani banking license

KARACHI, Dec 19 (Reuters) - Pakistan's central bank granted a banking license to Barclays Bank Plc, the second largest global bank by assets, on Wednesday.

The State Bank of Pakistan said Barclays will operate with capital of $100 million and will initially open up 10 branches in various cities. It will be the seventh foreign bank operating in Pakistan.

Pakistan's banking sector has grown significantly in the past five years with assets of 4,884 billion rupees up from 2,223 billion rupees, advances of 2,603 billion rupees up from 1,062 billion rupees and deposits of 3,691 billion rupees up from 1,678 billion rupees, the central bank said.

Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) is listed on the London, New York and Tokyo stock exchanges. (Reporting by Sahar Ahmed; editing by Elaine Hardcastle)