Wednesday, 17 July 2024
ING Bank strengthens Korea presence with new securities branch
ING Bank announced that it has obtained a securities branch license from the Financial Services Commission (FSC) of Korea. The new ING Seoul Securities Branch located at Seoul Finance Center, Sejong-daero will begin operations immediately.
ING Bank established a Branch presence in Seoul 25 years ago (in 1991) and has become one of the leading international banks in the country. In Korea, a separate securities license is necessary to conduct the full range of capital market activities as there is a strict barrier between banking and securities businesses.
The new Securities Branch will expand ING’s product and client coverage by offering capital market products to corporate clients and financial institutions in Korea.
“ING has built a strong client base and track record in Korea over the last 25 years. We are therefore delighted to be able to offer our customers access to capital market products now. Korean companies have been expanding and we have seen a growing demand from them for European and US assets in the current low interest rate environment. I am confident this expanded capacity, together with our commercial banking activities at the branch, will better fit our clients’ needs,” said Jonghoon Hyun, Country Manager ING Korea.
ING has appointed Son Young Chang, previously Managing Director of Financial Markets at the Bank branch, as the ING Seoul Securities Branch Manager. YC Son will lead a dedicated team at the new branch to originate, structure, underwrite and distribute debt capital market and alternative investment assets to existing and new corporate and institutional clients in Korea.
“This new branch in Korea is in line with ING’s ambition in Asia to strengthen relationships with our existing Korean clients and expand our client base while leveraging our global network across 40 countries including Europe, the Americas and 13 markets in the Asia Pacific,” said Remko Witteveen, Regional Head of Financial Markets Asia at ING Wholesale Banking.
Re-disseminated by The Asian Banker
