Standard Chartered Bank’s subsidiary in Korea, Standard Chartered First Bank, has been appointed Euroclear Banks exclusive cash correspondent for the Korean won.
Euroclear Bank, the international central securities depository of the Euroclear group, recently announced its plans to launch a direct link with the Korean Securities Depository (KSD) towards the end of the year to offer settlement, custody and related services for Korean Treasury Bonds and Monetary Stabilisation Bonds. In June this year, Euroclear and KSD signed a Memorandum of Understanding as the basis to build a close co-operative relationship in supporting clients active in the Korean capital markets and in those markets covered by Euroclear Bank.
Philip Van Hassel, Director and head of Network Management at Euroclear Banks headquarters in Brussels, commented, Korea is an important market in the Asia-Pacific region, as evidenced by growing client demand for Euroclear Bank to link with KSD. We look forward to working with Standard Chartered in delivering a high calibre service for our clients and their Korean counterparties. We are convinced of Standard Chartereds expertise and leadership in the Korean market which strongly complements our consistent presence in the Asia-Pacific region since 1987.
Giles Elliott, Global Head of Securities Services at Standard Chartered Bank, said, “Standard Chartered Bank is delighted to expand its relationship with Euroclear and to support the expansion of Euroclear Bank’s services into Korea. The interest in the Korean market has grown considerably in recent times and the Banks strong on-the-ground presence, as well as established footprint across Africa, Asia and the Middle East positions us well to support domestic and international investment flows.”