HSBC has hired David Choi, head of interest-rate derivatives trading at Citibank in Seoul, in a similar role at the bank, according to market officials. "They're continuing to build up," said one official, adding that HSBC has been looking to build up its presence in Korea on the back of a burgeoning interest-rate derivatives market. Choi will report to Ian Banks, treasurer at HSBC in Seoul. Banks declined all comment and Choi, who starts today, could not be reached for comment.
"He's definitely well-known in the market," said a rival dealer in Seoul, who added, Choi is one of the biggest traders in Seoul.
At Citibank Choi reported to Alex Park, head of the financial markets group in Seoul. Park noted that the existing team will handle Choi's responsibilities, but declined to elaborate.
