Standard Chartered Bank Korea (SCBK) has been appointed as custodian for the international assets of Shinhan Life Insurance Co (Shinhan Life) following the latter’s absorption of affiliate Orange Life Insurance, also part of the Shinhan Financial Group.
SCBK has provided custody services for onshore and offshore assets of Orange Life Insurance (formerly ING Life Insurance) since 2006. The re-launch of Shinhan Life through its mid-year merger with Orange Life necessitated the appointment of a custodian specialising in offshore bonds. Prior to the completion of the merger, Shinhan Life had invited financial institutions to bid for the business. The appointment of SCBK followed a two-month screening process.
Simon Kellaway, regional head of financing and securities services, Greater China & North Asia, Standard Chartered, noted that SCBK has provided a variety of products and services to meet the different needs and circumstances of both onshore and offshore insurance companies, leveraging the experience of its parent Standard Chartered Group in over 150 markets.
“We will further solidify our partnership with Shinhan Life by providing the best corporate banking services and cooperating on diverse fronts,” he added.
The new agreement also allows for a simplified invoicing process that facilitates accounting treatment efficiency for the merged entity.