Merrill Lynch said on Monday it has obtained a full South Korean banking licence to establish a branch in the country.
"The licence allows Merrill Lynch to expand its Korean business to engage in FX, derivatives, lending and loan trading, structured deposits, bonds and futures," it said in a statement.
A banking licence gives companies a broader array of businesses than those just with brokerage service licences.
The US bank is one of a few foreign investment houses which also has secured an over-the-counter derivatives business licence in the country, a sector that is seen as growing faster than other financial service areas. (Reuters)
Merrill says wins S.Korea full banking licence