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Woori Global Markets Asia Limited (WGMA), wholly-owned subsidiary of Woori Bank, one of the largest commercial banks in Korea established in 1899, announced its official launch in Hong Kong, making it a global financial player providing international financial solutions.
Mr William Ryback, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) officiated at the grand opening ceremony, which was hosted by Mr Hwang Young Key, Chairman and CEO of Woori Financial Group (WFG).
Also at the ceremony were over 700 guests including Mr Cho Whan-bok, Consul-General of the Republic of Korea, as well as many distinguished members of the financial community in Hong Kong and from across Asia. The mix of the guests symbolised WGMA's aim to become a respected and responsible member of the international financial community since it was authorised to begin business operations from the HKMA at the end of September 2006. It is also reviewing plans to receive investment or partner with major financial institutions in order to diversify, expand its business scope, strengthen its resources and improve the localisation of its business in the region.
As the first Korean financial institution to become a global investment platform launched in Hong Kong, WGMA will target all potential clients in Asia with a focus on emerging markets.It will have a distinctive business model of providing cross-border financial services including underwriting, arranging and advisory services in relation to syndicated lending and financial accommodation in the corporate & secured finance sector and the project & structured finance sector. It also intends to offer debt capital market services, fixed-income, asset management and other value-added products in the near future. Along with commercial services rendered by Woori Bank Hong Kong Branch and equity-related trading and other investment services provided by Woori Investment & Securities (HK) Limited, WGMA will complete Woori Group's lineup of a full range of financial services in Hong Kong.
"The inception of Woori Bank's Investment Banking Group in 2002 has played a key role in the corporate and investment banking business in Korea. At that time, it was the first attempt by a Korean domestic financial institution to create a business unit solely for investment banking and its success was closely followed by other banks in Korea. The group is now expanding its presence overseas through WGMA. We hope our effort this time will again set an example of best practice for the financial sector in Korea," Mr Hwang concluded at the ceremony.
The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, welcomed the establishment of Woori Markets Asia Limited in Hong Kong. He said, "Hong Kong is an international financial hub housing more than 70 of the world's top 100 banks. We offer an unbeatable strategic location, high-speed communications, free flow of capital and information and the world's freest economy. I wish WGMA every success in Hong Kong, the booming Asian region and beyond."
Woori Financial Group is Korea's first financial holding company and one of the largest financial groups in Korea. Under its umbrella are three banks, a securities firm, an asset management company and a private equity fund, as well as other companies. Among them, Woori Bank is the flagship company, representing more than 80% of its assets and Korea's leading corporate bank for the last century.
Woori Bank's overseas network is based in 11 countries and 34 regions around the world, including New York, London, Tokyo, Singapore, Hong Kong, Beijing, Shanghai and Shenzhen. Suzhou will be included as the fourth branch in Greater China very soon.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating investment into the city by providing the support needed to establish or expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Friday, December 1, 2006
Issued at HKT 17:14
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