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Biz News Korea(Eng)

ING Securities returns to Korea after 8-year absence

Collected: 2016.08.26

Distributed: 2016.08.29

Source: Go Direct

ING Group, Netherlands-based global financial service provider, will reopen outlet after pulling out in 2008. It will focus on sales of derivative-linked securities and equity-linked securities of local firms in the form of private equity funds.

The Financial Services Commission (FSC) said Thursday that it has given a go-ahead to ING Securities Co. to start Korean operation in Seoul on initial capital of 150 billion won and staff of 30. The company received preliminary okay from Seoul in December.

ING Securities Seoul office was closed in 2008 following the Wall Street meltdown. It is the first license to foreign brokerage house in three years since Malaysia’s CIMB Securities Co. opened its Seoul branch in January 2013.

The FSC also gave the preliminary approval to China Merchant Securities Co. to trade derivative products. Since it usually takes around six months for the financial regulator to give a final approval, the Chinese securities firm will be able to launch operation in Korea around the first half next year.

By Choi Jae-won

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