Salomon Smith Barney wants to enter the new South Korean retail and high-net worth business next year once capital controls are finally relaxed, says ES Min, Salomon's managing director in Seoul and CEO of its securities company joint venture with Korea Exchange Bank.
As of 1 January 2001, restrictions on how much individual Koreans can invest offshore or remit will be scrapped. A private banking official at Merrill Lynch explains this is a huge change that creates an entire new level of private banking business in Korea. To date this has existed only for the super-wealthy Merrill handles clients with a $25 million minimum net worth and Koreans have been left with offshore mutual...
