Hello, I am Jun Ji-hye, a reporter at The Korea Times. I primarily cover financial authorities and write articles on a wide range of topics related to finance and capital markets. If you have any information to share, feel free to email me at jjh@koreatimes.co.kr, and I will review it carefully. I am committed to always doing my best to communicate with readers through high-quality articles.
Woori Bank to open London Trading Center in June
Woori Bank headquarters in Seoul / Courtesy of Woori Bank
By Jun Ji-hye
Woori Bank plans to establish the London Trading Center by June this year, aiming to prepare for changes in domestic and global financial conditions and secure new revenue sources, the bank announced Wednesday.
The center, which will be set up at the international financial hub, will expand upon the London FX Desk established last July.
It will function as an overseas hub branch capable of handling not only proprietary trading in foreign exchange, securities and derivatives but also customer transactions such as currency exchange and foreign exchange hedging.
The bank launched a dedicated task force on Friday to establish the center and has begun preparations to commence operations by June.
Once the new center opens, it will enable the diversification of managed assets by leveraging the abundant liquidity of the London financial market.
Additionally, in line with Korea’s efforts to improve the foreign exchange market structure, the center is expected to expand business with a wide range of clients, including local subsidiaries of domestic financial institutions, overseas branches of Korean companies and foreign investors.
“With changes in the financial environment, Woori Bank will be able to secure new revenue sources and diversify its non-interest income,” Park hyung-woo, the bank’s executive vice president, said.
“We will continuously contribute to the development of the financial industry in response to the government’s market modernization policies, such as the improvement of the foreign exchange market structure and the inclusion of Korean government bonds in the World Government Bond Index.”