14 December 2009
Macquarie Bank Limited announced the creation of Macquarie Bank Limited Seoul Branch (MBLSB), following receipt of the final license it needed to offer banking services in Korea.
The license was granted by the Financial Services Commission. 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 Macquarie's Fixed Income Currencies and Commodities, 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 Macquarie Bank Limited Seoul Branch, 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".
"This initiative is evidence of Macquarie's continuing diversification and growth in Korea," said John Walker, Chairman of Macquarie Group of Companies, 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," Mr Walker added.
Macquarie Corporate Communications, Korea
Tel: (822) 3705 8582
Macquarie Group Public Relations, Asia
Tel: (852) 2823 3591
Mobile: (852) 9039 4379
About Macquarie Group and Macquarie Bank Limited
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services.
Macquarie Group Limited is listed in Australia (ASX:MQG; ADR:MQBKY) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. Macquarie also owns a bank in the UK, Macquarie Bank International Limited, which is regulated by the FSA. Macquarie's activities are also subject to scrutiny by other regulatory agencies around the world.
Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world.
Macquarie's approach to risk management is long-standing. Strong risk management practices are embedded in business unit management with central oversight of credit, market, funding, compliance and operational risk. These, together with committed, quality staff are key drivers of Macquarie's success.
Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employed more than 12,700 people and had assets under management of $A216 billion at 30 September 2009.
About Fixed Income Currencies and Commodities
Fixed Income, Currencies and Commodities provides a variety of services across the globe with an underlying specialisation in interest rate, commodity or foreign exchange related institutional trading, marketing, lending, clearing or platform provision.
The predominant FICC client base is financial institutions and significant commodity producers and consumers. With structuring, sales and trading professionals in the Australia, New Zealand, the Americas, Canada, Asia and the Middle East, FICC offers quality service and risk management solutions to meet our clients' needs.
FICC offers trading, sales, research and finance covering:
FICC operates in most major trading markets and emerging markets around the world.