The British-based lender receives approval from local authorities to establish a subsidiary in Taiwan.
Barclays will establish a brokerage and underwriting subsidiary in Taiwan for its locally-based corporate and institutional clients, according to a media release sent by the lender on Tuesday.
The bank said it had received approval to do so from the Securities and Futures Bureau (SFB), the Financial Supervisory Commission (FSC) and the Ministry of Economic Affairs (MoEA).
Strategically Important
According to Barclays, Taiwan is a «strategically important» market for its Asia Pacific business. The new unit, which will be called Barclays Securities Taiwan, will leverage global expertise from its corporate and investment bank to provide access to regional and global capital markets. It will also provide cross-border investment opportunities.
The subsidiary is expected to start operating in the third quarter of 2022 and it will be headed by Shella Wang, who is currently head of macro distribution in North Asia. She has also been appointed chairman of the subsidiary.
The ongoing regional expansion marks a reversal from its retreat from Asia six years ago when it exited its cash equities business and sold its wealth units in Hong Kong and Singapore.
