이 기사는 2022년 01월 06일 08:09 thebell 에 표출된 기사입니다.

Many global investment banks have promoted their Korean executives to managing director (MD), the second-highest rank behind partner, amid robust mergers and acquisitions (M&A) activities last year.

Credit Suisse recently appointed Kim Sei-won and Shim Jong-min as new MD, industry sources said on Tuesday. The promotion of Shim, born in 1981, is seen as an unconventional decision given the conservative nature of the investment banking industry.

Kim studied psychology at Yonsei University and worked for UBS Securities and KB Securities before joining Credit Suisse in 2018. He served as the chief financial officer at the country’s fashion brand Style Nanda. Kim led an initial public offering (IPO) of Krafton, Korea’s major game developer, last year.

Shim, who became the youngest MD of Credit Suisse, graduated from New York University and worked for Macquarie Group and Nomura Securities. His major deals include Korean city gas supplier SK E&S’ new preferred share sale and a sale of a minority stake in beauty store chain CJ Olive Young. Shim also handled the IPO of KakaoBank.

Citigroup Global Markets Securities recently promoted Min Jae-yoon to MD and Goldman Sachs promoted Lee Seok-yong to MD in November 2021. This was the first time in 11 years for Korean executive of Goldman Sachs’ Seoul office to be promoted to MD.

Min graduated from Seoul National University and started his career as a certified public accountant at Samil PwC before joining Citibank in 2010. He participated in major deals including SK Lubricants and W Concept. He also advised on the IPO of Krafton.

Lee graduated from Korea University and the University of Chicago's Booth Graduate School of Business. He worked for Boston Consulting Group and joined Goldman Sachs in 2010. Lee advised on Kakao Pay's IPO, Coupang's listing on the New York Stock Exchange, and the sale of Woowa Brothers.

“It is unprecedented given that global investment banks have promoted one executive a year to MD from their Seoul offices,” said an investment banking industry source. “This is probably due to an explosive increase in M&A transactions last year, which resulted in increased workload and more profits.”

According to the bell’s league table, there was 87.3 trillion won ($72.9 billion) worth of M&A transactions in Korea in 2021, up more than 80% from 48.4 trillion won in 2020. Private equity dealmaking accounted for 31.3 trillion won, up 22.7% from 2020. (Reporting by Ha-na Suh)