ABN AMRO has hired Michael Chae to be head of financial institutions sales in its Korea financial markets group. In this role, Chae will be responsible for the distribution of financial markets products to financial institutions and public sector clients in Korea. These products include debt offerings, structured finance deals and risk management products from more than 40 countries.

Chae joins ABN AMRO from Credit Agricole Indosuez in Seoul where he covered financial institutions. He has been in the business for more than 15 years, dealing with various Korean and Asian financial institutions. He will report to Andre LaJeunesse, regional head of ABN's financial institutions sales team.

"The addition of Mr Chae in Seoul enhances our already well developed platform," LaJeunesse says. "We look to Michael to further develop our downstream FIPS relationships while taking our existing relationships to a new level."

ABN has been bulking up in Korea in recent months with a number of key appointments, as it seeks to successfully develop its wholesale banking strategy in the country. Last week it was announced that the bank had hired Kyung-Hee Yoon to run the bank in Korea and become Chairman of the Korean Country Management Committee.