Business
12:23, 27-May-2018
China Everbright Bank seeks approval for investment operations in S. Korea
["china"]
Share
Copied
China Everbright Bank (CEB)’s Seoul branch has sought approval for investment operations in South Korea, and, if permitted, it will be able to start operations within six months, Yonhap news agency reported, citing local officials on Sunday.
Early this month, the local branch of CEB submitted its application to Seoul’s financial regulator, the Financial Services Commission (FSC). The FSC said it is examining the qualification of this local branch on operating investment business in South Korea.
The FSC has given preliminary approval to this local branch’s application for over-the-counter investment trading of derivatives based on currency and interest rate in late March.
VCG Photo
VCG Photo
The final permission from the FSC would make CEB’s Seoul branch the second Chinese financial company entering the securities industry of South Korea, following the local branch of China Merchants Securities Co. Ltd.
China Merchants Securities Co. Ltd 's South Korean branch got a license in June last year to provide intermediary services on equities, bonds, funds and derivatives from the Chinese mainland and Hong Kong SAR to South Korean institutional investors.
In 2015, China Everbright Bank stipulated a new strategy for its overseas business. Its first overseas branch was established in Seoul with the opening ceremony being held in April 2016, making the official start of CEB's business in the country.
South Korea is advanced in its equity derivatives market and also gathers together a group of innovative financial institutions.
In the first quarter of this year, South Korea's economic growth rate ranked fifth among the Organization for Economic Cooperation and Development (OECD) members, according to OECD's data.