Kookmin Bank, a South Korean bank and investment fund distributor, has chosen Vestima+, Clearstream’s automated order routing service for the investment funds industry. That will allow Vestima+ to enter the Korean market, one of the biggest domestic markets in Asia for mutual funds.
With a customer base that includes approximately half of South Korea’s adult population, Kookmin Bank (KB) has a dominant position in the country’s banking sector, the third largest in Asia. KB is listed on the NYSE and is Korea’s largest custodian.
“Clearstream’s Vestima+ service is the only available solution that meets our STP needs with high flexibility,” said M Sang Bum Lee, head of foreign custody for KB. “It will enable us to speed up our time to market by using an easy-to-implement hub for our international fund distribution business.”
Philippe Seyll, head of investment fund services at Clearstream, said: “We are particularly pleased that Kookmin Bank, the [number one] bank in Korea, has selected Vestima+ to grant Korean customers easy access to European funds. Vestima+ flexibility will help Kookmin Bank to reach that goal and maximize the benefits.”