By: Tsai Yi-hcu and Lilian Wu
Taipei, March 22 (CNA) The Financial Supervisory Commission (FSC) gave a
green light Tuesday for Barclays Capital Securities to terminate its operations in Taiwan.
The move is part of the Barclays group’s plan to cut its presence in Asia, the FSC said, adding that it has not heard of any other foreign securities firms that are withdrawing from Taiwan.
Barclays will restructure is global operations strategy to focus on Europe and the United States, while scaling back its businesses in Asia. The date for terminating its operations in Taiwan has been set as April 22.
Chang Li-chen (張麗真), deputy director-general of the FSC’s Securities and Futures Bureau, said that in addition to Taiwan, it is closing offices in South Korea, Indonesia, Malaysia, the Philippines, Thailand and Australia, reducing its offices in Asia to only mainland China and Hong Kong. [FULL STORY]