BNY has appointed Phillip ( Bongkyun ) Suh as Korea country manager and Seoul branch manager, subject to the completion of regulatory procedures. Suh succeeds Hyon Joo Park, who will retire in March after more than six years at the bank.

Suh will lead BNY’s business in Korea and will be responsible for executing the country’s strategy, deepening and expanding client relationships, and ensuring effective governance oversight. Park will work closely with Suh to support a seamless transition.

Recent policy reforms in the Korean market are creating new opportunities for global participation, BNY says. These reforms include allowing registered foreign financial institutions to trade in the domestic FX market, extending trading hours, and streamlining foreign investor registration.

To support this momentum, BNY says it is committing further investment to its Seoul branch, expanding foreign exchange and securities finance solutions.

With over three decades of industry experience, Suh joins the bank from Samsung Asset Management, where he served as chief executive officer. Prior to that, he was head of Korea at Goldman Sachs Securities. Earlier in his career, he held positions at global banks including Citigroup, Morgan Stanley, Deutsche Bank, and HSBC.