SunGard has announced the opening of an office in Seoul to provide local support and services to client partners of its SunGard Trading and Risk Systems operating division.

Jungwook Hahn, country manager of Korea for SunGard Trading and Risk Systems, has been joined by four other Korean staff, one of whom was recruited in Seoul while the others have been transferred from other SunGard offices.

SunGard has seven clients in Korea using Panorama and BancWare, its integrated risk solution for on- and off-balance sheet risk management. These include Hanvit Bank, Seoul Bank and H&CB Bank.

With H&CB’s merger with Kookmin Bank to be completed this year, SunGard is lobbying for the merged entity to implement its solution. Establishing the local office is a key part of that process, says Shin Kinoshita, managing director, Japan and Korea, of SunGard Trading and Risk Systems. Kookmin is currently using a competitor’s product for its risk management.

“SunGard is committed to providing its expert services, leadership and technology to help Korean banks meet current market and regulatory pressures for best risk management practices,” says Kinoshita.