(16 December 2009 – South Korea) Macquarie Bank Limited has received the final licence it required to offer banking services in Korea, creating Macquarie Banking Limited Seoul Branch (MBLSM).The licence, granted by the Financial Services Commission, sparks plans to start operations in the first quarter of 2010.
The branch, with a team of more than 20 staff, will offer corporate banking, foreign exchange and other trading services to corporate and institutional clients.
Andrew Downe, head of fixed income currencies and commodities, Macquarie, said that the group are excited to deliver banking services and products in Korea through the establishment of the branch.
Macquarie’s Seoul branch will work as a consolidated platform to better serve Macquarie’s clients in Korea and is a long term commitment to the Korean market, Mr Downe added.
John Walker, chairman, Macquarie Group of Companies Korea, said that this initiative is evidence of Macquarie’s continuing diversification and growth in Korea.
Mr Walker added that he believes the group knows the Korean market very well through ten years of experience in business cooperation with local partners. The bank branch is designed to complement the group’s Securities, Mergers and Acquisitions and the Equity Capital Markets businesses.