Standard Chartered Bank Korea appointed as Shinhan Life's custodian for offshore bonds

A branch of Standard Charted Bank Korea in Seoul / Korea Times file

By Lee Kyung-min

Standard Chartered (SC) Bank Korea announced Thursday that it was appointed as the “custodian” for the international assets of Shinhan Life Insurance.

Custody services are provided by financial institutions for the safekeeping and administration of financial assets on behalf of investors, when the investors trade bonds or equities.

The bank has been providing custody services for the onshore and offshore assets of Orange Life Insurance, formerly ING Life Insurance, since 2006.

Shinhan Life has requested financial institutions to participate in the selection process of the custodian for its offshore bonds since August. It appointed the bank after a two-month, meticulous screening process.

Through close collaboration with the global network of parent company Standard Chartered Group, which has a presence in 59 markets and provides custody in over 100 markets, the bank's employees dedicated to the custody business in Korea are able to provide world-class, one-stop corporate banking services. These services range from offshore operations to overall client services.

The bank is able to offer efficient local service support that ensures the timely resolution of inquiries, enabling Shinhan to focus on its investment management activities.

The bank will provide more stable and efficient services through its structured and competitive operating system, based on its experience of performing services as the custodian financial institution for the onshore and offshore assets of Orange Life for the past 16 years. Its simplified invoicing process will allow for accounting efficiency.

Simon Kellaway, Regional Head of Financing & Securities Services for Greater China & North East Asia at Standard Chartered, said that SC Bank Korea has established itself as a market-leading, overseas investment partner by providing a variety of products and services that meet the different needs and circumstances of both onshore and offshore insurance companies, with the help of the extensive experience its parent group has built in over 150 markets around the world. “We will further solidify our partnership with Shinhan Life by providing the best corporate banking services and cooperating on diverse fronts,” he said.