Fortis Bank is planning to join the growing number of institutions with an onshore derivatives operation in Seoul. "It's getting more competitive, but I believe that we can work on the back of our lending ability," said Charlie Shin, head of Korean fixed income marketing in Hong Kong.
Shin recently joined from BNP Paribas in Hong Kong, where he was a director in the fixed income group. The bank is still in talks on whether it will apply for a securities license or set up a full banking branch, but Shin expects an onshore derivatives operation to be up and running within two years.
The move comes hot on the heels of Merrill Lynch, Lehman Brothers, and Morgan Stanley establishing onshore operations (DW, 10/22).
