SC First Bank Selected as Custodian Financial Institution for Shinhan Life's Overseas Assets

[Asia Economy Reporter Song Seung-seop] SC First Bank announced on the 9th that it has been selected as the "specialized custody financial company" overseeing the entire overseas asset custody operations of Shinhan Life Insurance.

Custody refers to the service where a financial institution holds and manages financial assets on behalf of investors when they trade bonds or stocks. SC First Bank has been performing domestic and overseas asset custody services for Orange Life Insurance (formerly ING Life Insurance) since 2006.

This custody provider selection and appointment occurred after Shinhan Life merged with Orange Life in July and relaunched as Shinhan Life. It became necessary to select a specialized custody institution for overseas assets separately from domestic asset custody operations.

Based on its experience in related operations, SC First Bank plans to provide more stable and efficient services through a systematic and competitive operational system. In particular, this contract simplifies all fees, excluding incidental costs, into a single-rate fee. By unifying the fee items that were previously charged individually for each task, it also reduces costs and improves the efficiency of accounting processes.

Yang Jeong-woo, Head of Financial Markets Division (Deputy Vice President) at SC First Bank, stated, "SC First Bank has established itself as a market-leading overseas investment partner by leveraging the know-how accumulated by its parent company, SC Group, in over 100 markets worldwide, providing various products and services tailored to the individual situations and needs of numerous insurance companies. Going forward, we will continue to provide the best corporate financial services to Shinhan Life while further strengthening the partnership between the two companies through diverse collaborations."

This content was produced with the assistance of AI translation services.