Morgan Stanley gains Korean banking license

Morgan Stanley has opened a branch office of Morgan Stanley Bank International in Seoul. The new office, which was opened late last week, cements a 13-year history in the country.

In addition to the bank's existing investment banking and private equity businesses, the new license will allow it to offer a wider variety of products including foreign exchange, loans, deposits and financial derivatives.

Acting President Zoe Cruz, who attended the opening commented, "Korea is a key strategic priority for us. Our expanded platform embodies the firm's confidence in the growth of the Korean financial markets and the opportunities that lie ahead. We seek to bring our global products and services and innovative financial solutions to better service global as well as Korean clients."

Jang Ho Park is managing director and head of MSBI Seoul.