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Wed, September 27, 2023 | 20:39
Economy
Shinhan to open IB desks in China, US
Posted : 2016-07-18 15:40
Updated : 2016-07-18 18:26
Nam Hyun-woo
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By Nam Hyun-woo

Shinhan Bank is seeking to diversify its revenue sources by setting up global corporate and investment banking desks throughout its global network, the bank said Monday.

According to the bank, the plan comes as its first attempt to run investment banking desks overseas.

Among its 142 offices and branches in 19 countries, the bank will select key regions to run the desks, which will be comprised of five dispatched and local experts in the investment banking sector. The bank will send a preparatory team to Shanghai and New York within this month.

In China, the desks will focus on loans and investment financing, and syndication and social overhead capital markets. In the U.S., the desks will carry out projects on extending loans for purchases of real estate assets in central commercial areas.

Shinhan Bank said it will focus on sectors in which it has already build up knowhow in domestic operations or on containing risks through cooperation with international financial bodies such as the Asian Development Bank and International Financial Corporation.

"The bank will learn from past financial crises and expand its global business domain step by step," an official at the bank said.

Shinhan Bank has been exerting efforts to spread its business activities abroad. The number of its overseas offices and branches this year has doubled since 2014 and the share of income balance of its global businesses accounted for around 10 percent of its entire businesses as of last year.

The bank said the low interest rate in the domestic market is an opportunity for the bank to expand into global investment banking.

"There is a growing necessity for investments in stable long-term projects to raise and manage foreign currencies in a balanced way," said the official. "The investment banking desk project is a new business model suited for such financial circumstances."

Emailnamhw@ktimes.com Article ListMore articles by this reporter
 
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