Shinhan Life Insurance Company (Shinhan Life) has appointed Standard Chartered Bank Korea (SCBK) as custodian for its international assets.
SCBK Korea provides corporate banking services ranging from offshore operations to overall client services.
The re-launch of Shinhan Life through the merger of Orange Life (formerly ING Life Insurance) in July 2021 necessitated the appointment of a custodian specialising in offshore bonds — in addition to custody services for onshore assets that Shinhan Life manages autonomously.
SCBK has been providing custody services for onshore and offshore assets of Orange Life Insurance since 2006.
Hence, Shinhan Life has been requesting financial institutions to participate in the selection process for custodians for offshore bonds since August.
Commenting on the appointment, Simon Kellaway, regional head of financing and securities services, for China and North Asia at Standard Chartered, says: “SCBK has established itself as 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.”
He adds: “We will further solidify our partnership with Shinhan Life by providing the best corporate banking services and cooperating on diverse fronts.”
