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Citigroup to shut down brokerage business in Taiwan

As part of its strategy to reshuffle its business in Asia, Citigroup has announced that it is planning to shut down its Smith Barney broking business in Taiwan, reported Reuters.

According to reports, the brokerage business, which employs about 50 people, will be integrated with its private bank in Singapore and Hong Kong. The bank said that its brokerage business in Australia and India will not be affected by the shut down.

Reuters quoted an unidentified source as saying: The Taiwan Smith Barney operation will be closed.