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China Everbright Bank seeks investment banking license in South Korea

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China Everbright Bank seeks investment banking license in South Korea

China Everbright Bank Co. Ltd. is looking to obtain an investment banking business license in South Korea, Yonhap News Agency reported May 28, citing officials.

The Chinese lender's South Korean branch submitted an application for the license to the Financial Services Commission earlier in May. The regulator said it is checking whether the branch is qualified to conduct such business.

In March, China Everbright Bank received a preliminary license to conduct over-the-counter investment trading of derivatives based on currency and interest rate.

If final approval for the license is granted, China Everbright Bank can commence investment banking operations within six months, the publication said. The license would make it the second Chinese financial group to enter South Korea's securities industry, after China Merchants Bank Co. Ltd. secured a business license in June 2017.