State Street is to open a representative office in Jeonju City, Korea in August.
Before moving to the new office, State Street will start operation in a temporary office, also based in Jeonju City.
According to State Street, the new office will strengthen its presence in Korea and enable it to deepen its client relationship with National Pension Service of Korea (NPS).
Ian Martin, head of Asia-Pacific at State Street, said: “We are delighted to move forward with our new office in Jeonju City.”
“Given the depth and breadth of this mandate, we believe our new office in Jeonju City will enable us to deliver strategic partnership to NPS through better proximity.”
He added: “This move also strengthens our footprint in Korea, expanding beyond our current asset servicing and global markets capabilities in Seoul. Jeonju is rapidly establishing its credentials as a major financial center in Korea and we are pleased to be contributing to the city’s ongoing success.”
