Euroclear appoints Deutsche Bank 24 April 2024 Korea Reporter: Klea Neza
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Euroclear has appointed Deutsche Bank as a cash settlement and foreign exchange bank — under Euroclear’s direct link — with the Korea Securities Depository.
The new appointment aims to build on Deutsche Bank and Euroclear’s relationship which spans multiple markets and products across both the corporate and investment bank.
The mandate is to support South Korean government bond activity for Korea treasury bonds and monetary stabilisation bonds.
In the previous year, Deutsche Bank increased its capital allocation for its Seoul branch by €150 million, to grow the business and undertake more activity for its clients, demonstrating the bank’s commitment to South Korea.
Peter Sneyers, CEO of Euroclear Bank, says: “As a financial market infrastructure, our role is to support and drive efficiencies to grow the global marketplace.
“We have been working closely with the Korean capital market and our network with the common objective to provide a solution for international investors to access efficient and safe settlement of local Korean government bonds.”
Hyun-Nam Park, branch manager for Deutsche Bank Seoul, comments: “We are delighted to extend our partnership with Euroclear in South Korea. This new appointment is a milestone for our local business, and we are proud to support the South Korean bond market, which is becoming increasingly important globally.”
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