South Korea’s Largest Bank to Establish a Branch in the Philippines

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One of Asia’s most prominent banking player, Seoul-based KB Kookmin Bank, the largest bank in South has filed an application with the Bangko Sentral ng Pilipinas (BSP) to establish a branch in the Philippines after the country’s banking industry was opened up to foreign players.

Upon the approval of the BSP, it will be the 12th foreign bank and fourth Korean bank to set up banking operations in the Philippines since Republic Act. No. 10641 – an act that allows the entry of foreign banks into the Philippines through the establishment of wholly-owned operations with full banking authority — was signed by former president Benigno Aquino III in July 2014.

Some of the international banks that were given the green light to establish branches in the Philippines includeKorea’s Shinhan Bank, the Industrial Bank of Korea, and Woori Bank; Taiwan’s Hua Nan Commercial Bank Ltd., Cathay United Bank, Yuanta Bank, First Commercial Bank, and Chang Hwa Bank Commercial Bank Ltd.; Sumitomo Mitsui of Japan; United Overseas Bank Ltd. of Singapore; and Malaysia’s CIMB Bank Berhad.

The KB Financial Group, owners of KB Kookmin Bank, has recently overtaken the Shinshan Financial Group as the most valuable financial company in South Korea through aggressive mergers and acquisitions.

Both the Korean bank owners KB Financial and Shinshan Financial together with Aozora Bank Ltd. of Japan are interested in acquiring a stake in Gotianun-led East West Banking Corporation.

KB Kookmin Bank, a wholly-owned subsidiary of KB Financial Group, has overseas offices in New York, London, Auckland, Tokyo, Hong Kong, Hanoi, Ho Chi Minh City, Phnom Penh, Yangon, Shanghai, Beijing, Suzhou, Guangzhou, Gurgaon, and Harbin.

KB Financial Group was established in September 2008 and is a comprehensive financial group with 299 trillion Korean won in assets. It has the largest domestic customer base as well as widest network of services branches in Korea.

Source: PNA

Ed Umbao

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