Korea’s FSC grants investment licence to Societe Generale Corporate & Investment Banking
18 July 2013
News, Global, Korea
By Asia Asset Management
Societe Generale Corporate & Investment Banking announced on July 17 that it has been granted a Financial Investment Business licence by the Republic of Korea’s Financial Services Commission in Seoul.
The licence will enable the bank to conduct financial investment dealings in securities, equity underlying exchange-traded derivatives and over-the-counter derivatives, as well as financial investment brokerage activities in securities and equity underlying exchange-traded derivatives.
These activities will operate under a new locally incorporated subsidiary of Societe Generale Corporate & Investment Banking named SG Securities Korea.
The bank has invested an additional 200 billion won (US$178 million) of capital in Korea since 2011 and will regroup its teams, material resources and other business licences from its existing entity, SG Securities (HK), Seoul Branch, into the new entity, as well as add further resources in these areas.
Hikaru Ogata, chief executive officer of Societe Generale Corporate & Investment Banking for Asia Pacific, said: “We are delighted to have received the FSC’s approval on the new licence for SG Securities Korea, which illustrates our strong commitment to developing our franchise in Korea. This licence marks an important step for the bank in extending its service offering, and will allow us to fully support our clients’ growth ambitions in Korea”.
Inhwan Oh, chief executive officer of SG Securities Korea, said: “The bank started providing banking services in Korea in 1983 and securities brokerage services in 1998. With its licence and new local incorporation in Korea, Societe Generale Corporate & Investment Banking will be able to cement its position as a leading issuer of derivatives-linked securities in the market and fully fledged provider of financial services to its Korean clients, from structured products to corporate financial services.”
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