Deutsche Bank (DB) has increased the capital allocation for its Seoul branch by €150 million (US$158.9 million) to support the bank’s growth in the country and allow it to undertake more activity for its clients.
The capital injection plan, which, it says, underscores its confidence in the stability and growth potential of the South Korea market, was outlined at a meeting held in Frankfurt, Germany, last Friday between Lee Bok-hyun, the governor of the Korean Financial Supervisory Service, and the bank’s global management team. At the meeting, the parties discussed the current state of Korea’s financial market, its investment environment, and directions for the country’s financial supervisory policies.
Deutsche Bank Korea’s investment banking division continues to outperform with growth in both the front office and support divisions. The bank recently re-entered the South Korean debt capital market, which enables the bank to support a wide range of South Korean clients in accessing global debt markets. It also complements its successful advisory business and broadens its investment banking capabilities.
“We see great opportunities in South Korea,” says Alexander von zur Muehlen, the bank’s CEO for Asia-Pacific, Europe, Middle East and Africa, and Germany. “South Korea is one of the leading economies in Asia and a cornerstone for the tech sector globally.
“Its focus on innovation and technology industries, combined with its world-class infrastructure, highly skilled workforce and dynamic private sector, position it strongly for long-term growth. This additional capital, along with our recent re-entry of the local debt capital market, will enable us to better support our clients’ expansion plans in the country.”