(Reuters) – UK-based Barclays (LON.) Plc announced Monday that it received permission from Australia’s prudential regulator for the operation of a foreign bank within the country. This approval is part of the lender’s expansion in high-growth countries.

Barclays, Britain’s third-largest bank, invested money into India in August to take advantage of the growing corporate and investment banking activity.

Globally, record-low interest rates have prompted top banks around the globe to seek out more revenue-generating avenues to grow and enter new markets. HSBC is concentrating its efforts on Asia in London this year as a way to drive growth.

Barclays said that it had opened a new Australia office in 2018. The goal was to offer wealth management and then invested in a local financial advisory firm with a “strong pipeline” of transactions.

The Australian Prudential (NYSE) Regulation Authority will issue the license to foreign authorised deposits-taking institutions (ADI) in order to expedite the bank’s efforts to make investors have easier access to the Pacific nations.

The lender stated that Barclays Bank Plc Australia will open a branch in Sydney as a foreign branch within April 2022.