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Barclays returns to Taiwan with a wholly owned subsidiary after retreat six years ago
- The British banking group’s new unit will focus on green financing services and bonds
- The subsidiary, which will commence operations this quarter, will be chaired by Shella Wang, head of macro distribution for North Asia
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Barclays said it has received approval from Taiwanese regulators to set up a wholly owned subsidiary, which will focus on bond underwriting and green financing, re-entering a market it had exited six years ago.
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The British bank got the go-ahead from the Financial Supervisory Commission and the Ministry of Economic Affairs to establish Barclays Securities Taiwan, which will be headed by Shella Wang, head of macro distribution for North Asia. She has also been appointed as the chairwoman of the new subsidiary.
The British banking group had retreated from Taiwan in 2016 as part of a broader restructuring of its Asia investment banking businesses in South Korea, Thailand, Indonesia and Australia. The move resulted in the closure of its cash equities business in the region and more than 1,000 job losses, according to media reports.
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“The buildout of our platform in Taiwan demonstrates our commitment to growing our Asia-Pacific franchise,” Jaideep Khanna, the Asia-Pacific head of Barclays, said in a press release on Wednesday.
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