Woori Bank to Open 'London Trading Center' in June

Woori Bank announced on the 8th that it will establish a 'London Trading Center' in the UK, an international financial hub, by June. This is to prepare for changes in the domestic and international financial environment and to secure new sources of revenue.

원본보기 아이콘

The London Trading Center will be expanded and reorganized from the 'London FX Desk' established in July last year into an overseas base branch capable of handling not only proprietary fund management such as foreign exchange (FX) trading, securities, and derivatives, but also customer transaction services including currency exchange and foreign exchange hedging.

Woori Bank launched a dedicated organization for the center's establishment on the 3rd and began the setup process aiming to start operations in June this year. Once established, the London Trading Center will enable diversification of managed assets based on the abundant liquidity of the London financial market. Additionally, following the domestic policy authorities' efforts to improve the foreign exchange market structure, it is expected to expand business targeting various customers such as local subsidiaries of domestic financial institutions, overseas branches of domestic companies, and foreign investors.

Park Hyung-woo, Vice President of Woori Bank’s Treasury Market Group, stated, “In response to changes in the financial environment, we have secured new sources of revenue and diversified non-interest income.” He added, “Woori Bank will continue to strive for the development of the financial industry by responding to the government’s market advancement policies, such as the improvement of the foreign exchange market structure and the inclusion of Korean won government bonds in the World Government Bond Index (WGBI).”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.