Macquarie May Establish Northeast Asian HQ in Yeouido

Seoul holds IR session to publicize its plan to transform Yeouido into an international financial hub

The Seoul Metropolitan Government (SMG) and Macquarie Group, the Australia-based financial company, agreed to make efforts to transform Seoul into a financial center of Northeast Asia.
Seoul Mayor Oh Se-hoon and Macquarie Corporate and Asset Finance Vice President Gary Farrell signed an MOU in Hong Kong on Nov. 17 calling for both sides to make joint efforts to establish Macquarie Group’s Northeast Asian headquarters in Yeouido and develop Seoul as a financial center of Northeast Asia. The mayor held the signing ceremony on the last leg of his five-day visit to Singapore and Hong Kong from Nov. 13-17 designed to attract investments from foreign financial companies and benchmark those countries in urban planning.
If the plan is realized, Seoul City expects Macquarie to continue to make its investments in Seoul through its headquarters and that Korean investors will receive better financial services through Macquarie’s network, officials at the SMG said. Seoul City plans to provide as much administrative support as possible under the law to Macquarie while the financial company is striving to establish its headquarters in Yeouido, they said.
Mayor Oh said at the signing ceremony, “I express the hope Macquarie will grow into a firm with a greater dream and maintain a solid partnership with Seoul City.”
Following the signing of the deal, Seoul City has decided to put into high gear its efforts to attract foreign financial companies from abroad into the projected International Financial Center, which is to be dedicated in Yeouido in 2012.
Headquartered in Sydney, Australia, Macquarie is a global financial company offering diverse asset management services in businesses in 28 countries.
Meanwhile, Seoul Mayor Oh said in a commemorative speech to the Financial Hub Korea Conference at the Shangri-La Hotel in Hong Kong, “SMG will provide such incentives as tax reductions to foreign financial companies moving into the Yeouido financial area while striving to create a better living environment and a high level of culture, too.”
The conference, jointly organized by the SMG, the Busan Metropolitan Government and the Financial Supervisory Service (FSS) in a bid to attract foreign investments, was held with the participation of approximately 100 officials from the financial industry in Hong Kong.
Paul Moon, director-general of the Investment Bureau at the SMG, said in his presentation, “The IFC (International Finance Center) Seoul project is proceeding smoothly despite the global economic crisis.” IFC Seoul, which consists of three A-grade office towers, a luxury hotel and an IFC mall, will be home to the regional headquarters of financial, consulting, legal and accounting firms, and the Phase I construction will be completed by 2011, and the whole project will come up by 2012, Moon said. He continued, “IFC Seoul will provide you with an optimal business environment. A number of quickly moving global financial companies have expressed interest in coming to IFC Seoul.”
Moon said, “Yeouido will transform into a ‘city within a city’ offering the best in business, living and cultural environments and act as a new growth engine for the Korean economy.” In 2009, the Korean government designated Yeouido as a financial district to advance the financial industry and financial markets, and in line with the move, Seoul has designated a part of the district as a ‘Special Financial Promotion Zone’ that will mainly accommodate financial firms, he said.
Regarding the globalization strategy for the Yeouido financial hub, Moon gave a more detailed look at some of the SMG’s plans to improve living conditions for foreigners moving into the Yeouido financial center. He said the SMG will build international-level residential infrastructure and improve the already extensive transportation system by introducing direct ferry and limousine bus services, while also establishing new foreign schools and creating an advanced medical environment. The Global Cultural & Entertainment Complex will be constructed in order to cater to foreigners’ diverse cultural needs, and in 2011, the Global Financial Business Center will be set up to provide support for administrative services, while also making the utmost efforts to create an English-friendly area. nw

Seoul Mayor Oh Se-hoon delivers a speech at the Financial Hub Korea Conference at the Shangri-La Hotel in Hong Kong on Nov. 17.

Mayor Oh signs an MOU on Macquarie Group’s Northeast Asian center with Macquarie Corporate and Asset Finance vice President Cary Farrell in Hong Kong on Nov. 17.