Macquarie eyes South Korea
(18 May 2011 – Australia) Limited by local market deals and hindered by a limited distribution network and access to retail investors, Macquarie Group is still pursuing a way into the Korean market.
'We're still open to finding a way of working on domestic (initial public offerings) and domestic investment banking opportunities,' Macquarie Group Korea Chairman John Walker said.
Financial authorities in South Korea have been pushing for consolidation of the domestic brokerage, which is highly fragmented and has yet to develop the scale or expertise to compete overseas.
'I don't think we're that keen on running a retail brokerage, we're an institutional house; but we think we could bring a lot of value to one of the domestic brokerages in terms of the expertise, experience and the ability to provide some linkage for them with international investment banking,' he said.
Mr Walker said Macquarie would be 'very happy to find a way' to increase its Korean presence further through the process. He said Macquarie could form a joint venture, take a stake in a local brokerage or potentially buy one.
Financial authorities in South Korea have been pushing for consolidation of the domestic brokerage, which is highly fragmented and has yet to develop the scale or expertise to compete overseas.
'I don't think we're that keen on running a retail brokerage, we're an institutional house; but we think we could bring a lot of value to one of the domestic brokerages in terms of the expertise, experience and the ability to provide some linkage for them with international investment banking,' he said.
Mr Walker said Macquarie would be 'very happy to find a way' to increase its Korean presence further through the process. He said Macquarie could form a joint venture, take a stake in a local brokerage or potentially buy one.
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