Merrill Lynch said it is considering opening a retail presence in South Korea, which could be used as a springboard into wealth management i...

Merrill Lynch said it is considering opening a retail presence in South Korea, which could be used as a springboard into wealth management in one of Asia’s fastest growing economies. Details on the move, which appeared in the local press, were sketchy, but local analysts say the US financial services firm is probably looking to either joint venture with a local firm or make an acquisition. Merrill recently entered into a wealth management joint venture with Mitsubishi Tokyo Financial Group to target the burgeoning wealthy in Japan. This model might be adapted for South Korea, say analysts. The South Korean financial sector is currently being deregulated, which will allow foreigners greater access to the burgeoning financial market. Goldman Sachs is due to enter the market in August.