Seoul to Attract Northeast Asian Head Office of Macquarie Asset Finanace Business

Seoul Mayor Oh Se-hoon, left, shakes hands with Gary Farrell, vice president of Macquarie Corporate and Asset Finance, after signing a memorandum of understanding (MOU) on location of its Northeast Asian headquarters in Seoul in Hong Kong Tuesday.

The Macquarie Group, a global financial group based in Sydney, Australia, is to locate the Northeast Asian headquarters of its corporate and asset finance business in Seoul, Seoul City reported Tuesday.

A city spokesperson said that Mayor Oh Se-hoon signed a memorandum of understanding (MOU) on the matter with Gary Farrell, vice president of Macquarie Corporate and Asset Finance, in Hong Kong November 17, during his trip to attract foreign financial firms to Korea.

"Macquarie has decided to seek location of the Northeast Asian headquarters of its corporate and asset finance business in Seoul," a city official said. "In this case, the financial service firm will be able to expand its business to government agencies and private businesses, while supervising all the Northeast Asian business of the sector in Seoul."

Seoul City plans to work out details to attract the global financial firm as its location in Seoul is expected to lure other regional headquarters and branches of foreign financial corporations into the Seoul International Finance Center (SIFC) scheduled to be completed in Yeouido in 2012.

"Seoul City will offer tax reduction and other incentives to foreign financial firms which will locate their branches in Yeouido. The city is also exerting efforts to make it a city to live in comfortably," said Mayor Oh in the first Financial Hub Korea Conference jointly hosted by the city and the Financial Supervisory Services in Hong Kong Tuesday.

mook@koreatimes.co.kr

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