Seoul invites Macquarie to set up Asia branch in South Korean capital

SEOUL, Nov. 17 (Yonhap) -- The Seoul Metropolitan Government and Australia's Macquarie Group have struck an agreement on continued investment in the South Korean capital by the financial group in exchange for Seoul's administrative support, officials here said Tuesday.

In a memorandum of understanding signed in Hong Kong, Macquarie's Corporate and
Asset Finance Group pledged to make efforts to establish its Northeast Asia
headquarters in Seoul, the city government said in a news release.
The metropolitan government, in return, would provide the necessary
administrative support, it said.
Based in Sydney, Macquarie's overseas offices in 28 countries specialize in
government and corporate asset management services.
If the branch is set up in Seoul, clients in South Korea will be able to receive
comprehensive financial services from Macquarie, which will help ensure continued
foreign investments in the city, the officials said.
brk@yna.co.kr
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