South Africa's Standard Bank has established an onshore fx and rates business in Taiwan as part of the bank's push in the region. Charles Chen, head of treasury at Toronto Dominion Bank in Taipei, has joined as head of global markets for Taiwan to spearhead the effort and has recruited a team of five, according to Michele Maffei, managing director and head of global markets for Asia, based in Hong Kong. Maffei transferred from London at the onset of the year to build up the bank's presence in Asia (DW, 1/27). He is in the process of recruiting over 20 staff for sales and trading functions in rates, fx and credit.
Additionally, the bank just reeled in a team of equity derivative specialists from Bank of China International to expand into the regional equity markets (DW, 4/30).
