Goldman Sachs gets South Korea banking licence http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&storyID=2006-06-27T084917Z_01_SEO66027_RTRIDST_0_FINANCIAL-KOREA-GOLDMAN.XML&rpc=66
Tue Jun 27, 2006
SEOUL, June 27 (Reuters) - U.S. investment bank Goldman Sachs (GS.N: Quote, Profile, Research) on Tuesday said it had received a local banking branch licence in South Korea, allowing it to offer a broader range of products in Asia's fourth-largest economy.
"We will now be able to provide our corporate and institutional clients in Korea with foreign exchange, interest rate and related products," J. Michael Evans, Chairman of Goldman Sachs Asia, said in a statement.
Goldman said it had been providing financial services in South Korea since the 1970s.
Goldman has been an active and profitable foreign investor in South Korea. It more than doubled its $500 million investment in 1999 in South Korea's top lender Kookmin Bank (060000.KS: Quote, Profile, Research), and made hefty gains from investments in spirits maker Jinro Ltd. which was sold to South Korea's top brewer for $3.4 billion in July last year.
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