SINGAPORE – British financial institution Barclays Plc mentioned on Wednesday it had acquired approval from Taiwanese authorities to arrange a subsidiary, offering brokerage and underwriting providers to its world and Taiwanese company and institutional shoppers.
Via the institution of its wholly-owned subsidiary, Barclays Securities Taiwan Ltd, the corporate mentioned in a press release that it goals to leverage its world company and funding financial institution’s experience and footprint to supply shoppers entry to key regional and world capital markets, in addition to cross-border funding alternatives.
“The construct out of our platform in Taiwan demonstrates our dedication to rising our Asia Pacific franchise,” mentioned Jaideep Khanna, head of Barclays, Asia Pacific.
The subsidiary is anticipated to be absolutely operational within the third quarter of this yr, topic to acquiring the related licensing approval.
It is going to be led by Shella Wang, presently the top of macro distribution, North Asia, who has additionally been appointed because the subsidiary’s chairman, Barclays mentioned.
In January, DBS Group, Southeast Asia’s largest financial institution by belongings, agreed to pay S$956 million ($687 million) for Citigroup’s shopper enterprise in Taiwan because the Singapore lender shores up regional acquisitions to energy progress.
($1 = 1.3916 Singapore dollars)
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