Shinhan Bank’s London branch has secured regulatory nod to expand into derivatives sales, strengthening the Korean lender’s business in the United Kingdom.
According to the bank Monday, the branch obtained last week a Variation of Permission from the UK’s Financial Conduct Authority and Prudential Regulation Authority, allowing it to sell derivatives to clients in the country and marking a significant step in its global expansion.
The move builds on the January launch of the branch's Global Capital Market Desk, which integrates management of funding, securities, foreign exchange and derivatives.
With the latest approval, the branch will be able to deliver more tailored hedging solutions across interest rate, currency and other derivatives, while expanding collaboration within Shinhan Financial Group’s global network.
“We expect this approval to broaden the branch’s product lineup and bolster Shinhan’s global competitiveness,” a bank official said. “We will also contribute to improving Korea’s foreign exchange market by actively promoting won-settled forex and derivatives transactions.”
Meanwhile, the bank has been expanding its UK presence, signing a deal with the government in July to boost investment to 2 billion pounds ($2.7 billion) by 2030, backing infrastructure, ESG and digital transformation projects while deepening bilateral ties.
jwc@heraldcorp.com
