British bank Barclays has secured regulatory approval from Taiwanese authorities to set up a wholly-owned subsidiary in the country.
The new entity, dubbed Barclays Securities Taiwan Ltd (BSTL), will offer brokerage and underwriting services to the bank’s global and Taiwanese corporate and institutional clients.
Taiwan is said to be a strategically important market Barclays’ Asia Pacific business.
The bank aims to offer clients access to key regional and global capital markets, as well as cross-border investment opportunities through BSTL, leveraging its global Corporate and Investment Bank (CIB) expertise and footprint.
Commenting on the development, Barclays Asia Pacific head Jaideep Khanna said: “The buildout of our platform in Taiwan demonstrates our commitment to growing our Asia Pacific franchise.
“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.”
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By GlobalDataBSTL is expected to be fully operational in the third quarter of this year, subject to obtaining the relevant licensing approval.
It will be led by Shella Wang, who is currently Barclays North Asia head of Macro Distribution. Wang has also been appointed as chairman of the subsidiary.
Wang said: “The onshore subsidiary will further seize growth opportunities in Environmental, Social, and Governance (ESG)-linked financing and investment, as well as the Formosa market in Taiwan.
“Over the years, we have demonstrated our strength in our cross-asset product business and have been building a strong pipeline with our Taiwanese clients. Today’s announcement marks the firm’s commitment to deepening our client reach and investment in this market.”
Barclays has been rapidly expanding its presence in key markets in Asia Pacific in the recent years. The firm recently obtained a license to operate as a foreign authorised deposit-taking institution (ADI) in Australia.
Recently, a report by Reuters said that Barclays was planning an asset management joint venture in China and was seeking Chinese banking partner for the venture.
