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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