Macquarie Bank said yesterday that it has received its final licence to provide corporate banking services in Korea. The Australian bank joins 39 other overseas lenders with branch licences in the country.
The licence was granted by Korea's Financial Services Commission to the newly formed Macquarie Bank Limited Seoul Branch MBLSB, which intends to start operations in the first quarter of next year. The branch will be run by Sang Ook Lee, who is also head of the FICC fixed income, currencies and commodities business in Korea.
Lee will be in charge of 20 staff, offering corporate banking, foreign exchange and other trading services to corporate and institutional clients. The branch won't be allowed...
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