ING Group has made moves toward expanding its asset management offerings into Korea,
reports released Thursday say.
The Korean Financial Supervisory Service has said ING has applied for a license that would make it possible for the company to offer its asset management services in the country.
In recent years, Korea has seen a steady rise in the demand for asset management services.
Some have said that Korea’s aging population is fueling the country’s need for asset management. As the number of retirement age residents increases, the need for need for wealth managers who can help maintain their financial standing as they grow older also increases.
If ING’s application for a license is approved, ING will join the growing number of foreign financial institutions with asset management branches operating out of Korea.