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HSBC increases stake in Asset Management Technology Korea
11 December 2003
Following HSBC’s announcement on 2 August 2003 of the acquisition of 82.19 per cent of Asset Management Technology Korea Co., Ltd. (AM TeK), the Group has now increased its stake to 92.96 per cent in the fund administration company.
HSBC’s acquiring entity, HSBC Asia Pacific Holdings (UK) Limited, has paid in cash a consideration of KRW1.95 billion (US$1.64 million) for the additional 10.77 per cent interest in AM TeK. HSBC has acquired the additional equity shareholdings in AM TeK from Korea Development Bank and Oriental Fire and Marine Insurance.
With KRW33 trillion (US$27.9 billion) of assets under administration at 30 November 2003, AM TeK is the largest fund administrator in Korea’s growing unit trust and mutual fund market. AM TeK’s client base includes a number of Korea’s largest investment trust management companies, asset management companies and foreign fund managers.
HSBC in Korea
The HSBC Group’s presence in Korea dates back to the late 1890s, when agencies were established in Chemulpo (Inchon) and Seoul. The Group now has full branches in Pusan and Seoul and is also represented in Korea by HSBC Insurance Brokers (Asia-Pacific) Limited and HSBC Forfaiting (Asia) Pte Limited. HSBC in Korea provides a broad range of banking services including custody and clearing, trustee services, corporate and commercial banking, payments and cash management, treasury and capital markets, trade services and personal financial services.
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