Korean Re sets up second branch in China
Korean Reinsurance Co. (Korean Re) has set up a second site in China, in Shanghai, to add to its presence in the country which started with the opening of its Beijing office in 1997.
The opening came after it received approval from China’s banking and insurance authorities in December.
The new branch will be in charge of sales while the Beijing office will continue to lead the management and market research.
Korean Re is trying to increase its presence in the fast-growing Chinese market, which is now considered the largest in Asia. The total amount of insurance premium in the local market reached $570 billion in 2018, up 3.92 percent on-year. The figure accounted for 11.6 percent of the total premium earned by global reinsurance firms.
Global reinsurance companies, including Hannover Re, RGA and Gen Re, currently operate branches in Shanghai.
Barclays opens new transaction banking branch in Luxembourg
• Barclays’ new digital Corporate Banking platform extended to Luxembourg
• Branch will provide transaction banking services to international corporate clients and financial institutions
• Sector specialists ready to work with Luxembourg’s private equity, insurance and fintech industries
As part of Barclays’ efforts to build its European Corporate Banking proposition, the bank has today launched a new branch in Luxembourg to provide multinational clients with transaction banking services. The branch will focus on offering corporates and financial institutions a range of banking products, including cash management, debt, foreign exchange and trade finance facilities.
The branch opening is complemented by the expansion of Barclays’ digital Corporate Banking platform to Luxembourg. The platform, which has also been rolled out in Portugal, France, Spain, Ireland, Germany, and most recently the Netherlands, enhances the client experience and helps multinational corporates manage their banking needs more efficiently through a single, cross-border system. The benefits of the digital platform include streamlined KYC and account opening, digital on-boarding, improved self-help capabilities and multilingual servicing.
The new branch will be led by Snorre Tysland, who brings a deep understanding of the Luxembourg market, and will operate as part of Barclays Europe, which now consists of seven branches around the continent. Barclays has been present in Luxembourg for more than a decade undertaking treasury activities such as raising financing, collateral management and funding the bank’s operations. The bank also engages in investment banking activities including equities business in Luxembourg. The opening of the regulated branch will allow Barclays to deliver transaction banking services locally for its clients.
Expanding in Luxembourg with this branch and platform is the latest example of Barclays’ commitment to better serve existing clients and win new business in Western Europe by allowing multinational clients with global operations to seamlessly manage their banking needs across the region.
David Farrow, Head of International Corporate Banking at Barclays, said: “Our new branch in Luxembourg and expanded digital platform will help us do more for clients who have complex transaction banking needs. The platform is now live in seven countries, with more to follow, making account management for our multinational clients so much simpler.
“Luxembourg is home to a well-established private equity community, as well as being an important insurance centre, emerging fintech hub and a location of choice for multinational corporates. In our International Corporate Banking unit, we’ve got specialists who understand each of these sectors. By drawing on the experience and knowledge of our client management and product experts, coupled with our increased investment in technology, we’re striving to make a real difference for businesses in Luxembourg and across Western Europe.”
The Luxembourg branch has been established as a branch of Barclays’ European subsidiary Barclays Europe whose legal entity is Barclays Bank Ireland PLC. Headquartered in Dublin, the subsidiary houses all of Barclays’ branches across Western Europe.