TAIPEI (Taiwan News) – Financial Supervisory Commission (FSC) clarifies that Deutsche Securities Asia and BNP Paribas Securities are not withdrawing from Taiwan but just downsizing their branches in Taipei, the Liberty Times reports.

Rumors had it that Deutsche Securities Asia and BNP Paribas Securities are withdrawing from Taiwan. Some Taiwanese media even described their offices as “deserted (人去樓空).”

Deputy Director General of Securities and Futures Bureau (SFB) Chang Chen-shan (張振山) clarifies that the FSC has confirmed with the two securities firms that neither of them have any plans to withdraw from Taiwanese securities market. They are just cutting down on staff number to meet their headquarters’ new global strategies.

Both Deutsche Securities Asia and BNP Paribas Securities currently employ 20 staff members at their branches in Taipei, and each firm will lay off two analysts from their research departments respectively. Currently, there are 14 foreign securities dealer firms in Taiwan.