Barclays Gets Regulatory Approval to Set Up Taiwan Unit
July 20 2022 - 6:09AM
Dow Jones News
By Clarence Leong
Barclays PLC said Taiwanese authorities have given the go-ahead
to set up a subsidiary to provide brokerage and underwriting
services, as the British bank seeks to boost its presence in
Asia.
Calling Taiwan a "strategically important market," Barclays said
it aims to provide its clients access to key regional and global
capital markets, as well as cross-border investment opportunities,
according to a statement on Wednesday.
The wholly owned unit, Barclays Securities Taiwan Ltd., is
expected to be fully operational in the third quarter, subject to
relevant licensing approval, Barclays said. Shella Wang, who is
currently the bank's head of macro distribution for North Asia, has
been appointed the unit's chairman, it added.
"The Taiwan subsidiary will enable us to further engage with our
Taiwanese institutional clients and help them gain access to our
suite of world class corporate and investment bank product
offerings and solutions," said Jaideep Khanna, Barclays's
Asia-Pacific head.
The move follows similar efforts by Barclays to expand its
footprint in Asia. In December, the bank was granted a license to
operate in Australia as a foreign authorized deposit-taking
institution.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
July 20, 2022 05:54 ET (09:54 GMT)
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