| |
| Peter Chen |
Barclays Capital is preparing to open a branch in Taipei this week to tap the growing onshore derivatives market. "Taiwan now has a different key focus--the IT sector, industrials and logistics have all been successful--now they've been reforming the financial industry to give it a greater international emphasis," said Peter Chen, country head in Taipei. For the effort the bank has put a staff of around 20 onshore which includes fixed income derivative sales and marketing for Taiwan dollar products. "There will be additional staff joining and we could potentially double in size going forward," added Chen. The firm has been in preparation since last year and received initial regulatory approval earlier this year (DW, 4/15). "Our core business will be the same as it is elsewhere in the region, helping clients with their financing and risk management needs," he added.
The firm has been boosting its business in Asia in a push to expand non-U.K. revenues. It has increased staff by 35% in the region this year and has built up equity and credit derivatives desks and distribution teams.
