Macquarie Bank Limited receives final license for Seoul branch

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.