BNY has named Phillip Bongkyun Suh as its new Korea Country Manager and Seoul Branch Manager as it looks to expand its presence and investment in Korea amid sweeping financial market reforms.
BNY has appointed Phillip (Bongkyun) Suh as its new Korea Country Manager and Seoul Branch Manager, subject to regulatory approval, marking a leadership change at a pivotal time for the country’s financial markets. He will take over from Hyon Joo Park, who is set to retire in March after more than six years with the firm, with Park remaining involved to ensure an orderly transition.
In his new role, Suh will be responsible for overseeing BNY’s operations in Korea, with a mandate to deliver strategic priorities, deepen client relationships and uphold robust governance standards. His appointment coincides with a series of policy reforms in Korea aimed at opening its financial markets further to international participants, including measures to allow registered foreign financial institutions to trade in the domestic foreign exchange market, extend trading hours and streamline the registration process for foreign investors.
These regulatory developments are expected to boost overseas participation and create fresh opportunities for global financial institutions operating in the country. In response, BNY intends to step up investment in its Seoul Branch, with a particular focus on strengthening its foreign exchange and securities finance capabilities.
Suh brings more than three decades of experience in the financial services industry to the role. He previously served as chief executive of Samsung Asset Management and as head of Korea at Goldman Sachs Securities, and has held senior positions at Citigroup, Morgan Stanley, Deutsche Bank and HSBC.
Commenting on his appointment, Suh said he was keen to build on BNY’s established presence in Korea by drawing on the firm’s global expertise to deliver integrated financial solutions as the local market continues to evolve.
