SINGAPORE (Reuters) – Britain’s Barclays Plc said on Wednesday it had received approval from Taiwan authorities to set up a subsidiary, providing brokerage and underwriting services to its global and Taiwanese corporate and institutional clients.

Through the establishment of its wholly-owned subsidiary, Barclays Securities Taiwan Ltd, the company said in a statement that it aims to leverage the expertise and footprint of its global merchant and investment bank. to provide its clients with access to key regional and global capital markets, as well as cross-border investment opportunities.

“Building our platform in Taiwan demonstrates our commitment to growing our franchise in Asia-Pacific,” said Jaideep Khanna, Head of Barclays, Asia-Pacific.

The subsidiary is expected to be fully operational in the third quarter of this year, subject to obtaining the corresponding license approval.

It will be led by Shella Wang, currently head of macro-distribution, North Asia, who has also been named subsidiary president, Barclays said.

In January, DBS Group, Southeast Asia’s largest bank by assets, agreed to pay 956 million Singapore dollars ($687 million) for Citigroup’s consumer business in Taiwan, the lender Singaporean strengthening regional acquisitions to fuel growth.

($1 = 1.3916 Singapore dollars)

(Reporting by Anshuman Daga, editing by Louise Heavens)

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