trending Market Intelligence /marketintelligence/en/news-insights/trending/bLJmaPZmquEH57P3SAoWjg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Australia's Macquarie Bank to close Seoul branch

Blog

Banking Essentials Newsletter - February Edition, Part 2

Podcasts

StreetTalk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

Street Talk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

The Evolution of ESG Factors in Credit Risk Assessment: Environmental Issues


Australia's Macquarie Bank to close Seoul branch

Australia's Macquarie Bank Ltd. will shut down its Seoul branch by the end of March and move its brokerage staff to Macquarie Securities Korea Ltd., The Korea Economic Daily reported.

Macquarie Bank's foreign-exchange and South Korean won-lending operations will be discontinued with the branch closure.

The Macquarie Group Ltd. banking unit is the latest foreign bank exiting the South Korean market in recent years. In 2018, Switzerland-based UBS Group AG shuttered its branch in Seoul. According to South Korea's Financial Supervisory Service, the number of branches owned by foreign banks in the country fell to 45 at the end of June 2018 from 56 five years ago.