In 1985 a banking licence was granted by the Australian Government and Barclays Bank Australia opened in 1986 as a wholly owned subsidiary. In 1994, Barclays sold its commercial banking business to St George Bank, in line with the strategy of divesting itself of non-core businesses and concentration on corporate and investment banking services. At the same time Barclays Bank obtained branch status, in order to allow BZW's investment banking business to develop with the full backing of the Group. Following the reorganisation of BZW, further businesses were sold, and by 2005, Barclays was represented by BGI and Barclays Capital. Barclays' original presence in Australia was through Barclays Bank (DCO) which opened a representative office at Sydney in 1969, and Barclays Bank International acquired a non-bank corporation in 1972-3 to carry out merchant banking functions, renaming it Barclays Australia Ltd. BBI also opened new branches and hire purchase leasing activities.
Material available at Group Archives: pre-1986 minutes of Barclays Australia; publicity material.