ABN Amro has won an exclusive mandate with Shinhan Bank for the US$/euro/yen clearing business from Korea Post. This will be a new service in South Korea.
ABN Amro provided full advisory services to both Korea Post and Shinhan Bank and the mandate was structured to use the best strengths of each party. It combined Korea Post’s nationwide network, Shinhan Bank’s internet banking system and operations capability and ABN Amro’s global network and currency clearing products. Wolfgang Platzer, senior vice-president, Asia Pacific, ABN Amro Working Capital, comments: “We are very pleased that our unwavering sales and advisory effort has paid off and that we are able to work with Korea Post and Shinhan Bank in this innovative payment services partnership. One of ABN Amro’s strengths is the capability of offering tailor-made products in line with the market needs and requirements and this project with Korea Post and Shinhan Bank is deemed to be an evidence. In order to make this project successful, we, as a project partner, will make every effort.”