Korea Life Insurance Selects BNY Mellon Asset Servicing as Global Custodian
July 20 2009 - 3:57AM
PR Newswire (US)
SEOUL, South Korea, July 20 /PRNewswire-FirstCall/ -- BNY Mellon
Asset Servicing, the global leader in securities servicing, has
been selected as global custodian by Korea Life Insurance (KLI).
BNY Mellon will provide a range of administration services to
create a single-source global custody solution to KLI. (Logo:
http://www.newscom.com/cgi-bin/prnh/20071001/NYM012LOGO )
Established in 1946 as South Korea's first life insurance company,
KLI is today the second largest insurance seller in Korea. Last
year, KLI earned a 'AAA' credit rating - the highest in the country
- and tied for second place on the National Consumer Satisfaction
Index (NCSI). Mr. Kyung-Ro Lee, Executive Vice President at Korea
Life Insurance, said: "After an extensive due diligence process, we
chose BNY Mellon because of its financial stability, strong
technology reinvestment programme and its proven record in respect
of service standards, client focus and relationship management."
"It is important that institutions have a strong custodian that
they can trust and help them navigate these turbulent market
conditions," said Chong Jin Leow, head of Asia Pacific, BNY Mellon
Asset Servicing. "As a well-capitalised and visibly committed large
player, with a long history of client service excellence, we are
ideally placed to be the trusted partner Korean financial
institutions need." The Bank of New York Mellon has had a presence
in South Korea for over 20 years. The company provides a wide
variety of products and services to Korean institutional investors
including securities servicing, trade finance, foreign exchange and
other treasury services. The company opened an asset management
representative office in 2008. Notes to editors BNY Mellon Asset
Servicing offers clients worldwide a broad spectrum of specialised
asset servicing capabilities, including custody and fund services,
securities lending, performance and analytics, and execution
services. BNY Mellon Asset Servicing offers its products and
services through The Bank of New York Mellon and other subsidiaries
of The Bank of New York Mellon Corporation. The Bank of New York
Mellon Corporation is a global financial services company focused
on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has $19.5 trillion in
assets under custody and administration, $881 billion in assets
under management, services more than $11 trillion in outstanding
debt, and processes global payments averaging $1.8 trillion per
day. Additional information is available at
http://www.bnymellon.com/.
http://www.newscom.com/cgi-bin/prnh/20071001/NYM012LOGO
http://photoarchive.ap.org/ DATASOURCE: BNY Mellon Asset Servicing
CONTACT: Louisa Bartoszek of BNY Mellon Asset Servicing, +44 20
7163 2826, Web Site: http://www.bnymellon.com/
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