BNY Mellon Asset Servicing has been selected as global custodian by Korea Life Insurance (KLI). BNY Mellon will provide a range of administration services to create a single-source global custody solution to KLI.
Established in 1946 as South Koreas first life insurance company, KLI is the second largest insurance seller in Korea.
Mr. Kyung-Ro Lee, Executive Vice President at Korea Life Insurance, said: After an extensive due diligence process, we chose BNY Mellon because of its financial stability, strong technology reinvestment programme and its proven record in respect of service standards, client focus and relationship management.
It is important that institutions have a strong custodian that they can trust and help them navigate these turbulent market conditions, said Chong Jin Leow, head of Asia Pacific, BNY Mellon Asset Servicing. As a well-capitalised and visibly committed large player, with a long history of client service excellence, we are ideally placed to be the trusted partner Korean financial institutions need.
The Bank of New York Mellon has had a presence in South Korea for over 20 years. The company opened an asset management representative office in 2008.