Major South Korean funds to go domestic for financial services

10/9/2013 | MK.co.kr (South Korea)

South Korean financial companies are likely to be the beneficiaries as Korea's huge National Pension Service and sovereign wealth fund Korea Investment Corp. turn to the home market for financial services. Previously, "we had no other options but to turn to foreign banks to conduct cross-currency transactions for a variety of reasons. But now we are strongly considering using services offered by domestic banks that have proven to be competent," said KIC Chief Investment Officer Lee Dong-ik.

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