Macquarie Bank, an Australia-based financial institution, has received final license from Financial Services Commission of Korea, to offer banking services in Korea. The bank is set to create Macquarie Bank Limited Seoul Branch (MBLSB).
MBLSB plans to start operations in the first quarter of 2010, with more than 20 staff offering corporate banking, foreign exchange and other trading services to corporate and institutional clients.
Andrew Downe, head of fixed income currencies and commodities at Macquarie, said: “We are excited to deliver banking services and products in Korea through the establishment of the branch. It is a long term commitment to the Korean market. Macquarie’s Seoul branch will work as a consolidated platform to better serve Macquarie’s clients in Korea.”
Sang Ook Lee, branch representative of MBLSB, said: “Macquarie’s Seoul branch will focus on the areas where Macquarie believes it has competitive advantages and can add value for our clients. The branch will allow Macquarie to offer risk management services to Korean based companies, utilities and industrials.”
John Walker, chairman of Macquarie group of companies in Korea, said: “This initiative is evidence of Macquarie’s continuing diversification and growth in Korea. Macquarie knows the Korean market very well through 10 years of experience in business cooperation with local partners. The bank branch will complement our significant securities, M&A and the equity capital markets businesses.”
