Taiwan's Financial Supervisory Commission (FSC) has approved Credit Suisse's exit from the local banking market.
Officials from the FSC said late last week that the exit was approved because the Swiss bank's withdrawal would not impact adversely on the banking system.
Credit Suisse Taipei, which was established in 2009 with $8.3m in capital, makes up 0.04% of the local banking system, according to the regulator.
A spokesman declined to comment on the development. However, a source said the firm's equity business, including its structured products division, would not be affected by the withdrawal.
An application to leave was filed late last year as part of the firm's new global expansion strategy.
The Taipei branch was largely involved in fixed-income and derivative transactions but did not offer trust or offshore services, the FSC said.
The firm announced plans in November to reduce risk-weighted assets in its fixed income division while reviewing some 1,500 jobs globally.