|
Kookmin to Set Up Office in Vietnam
Real estate news By Na Jeong-ju
10-23-2007 18:07
Kookmin Bank said Tuesday it will open an office in Ho Chi Minh City, Vietnam, next month aiming to provide retail and corporate banking services in the fast-growing Southeast Asian market. The country's largest lender intends to turn the office into a subsidiary soon after conducting market surveys, and form business channels through it. ``We plan to open an office in the Vietnamese capital on Nov. 13. Its mission is to pave the way for setting up a subsidiary in the country in the near future,'' a Kookmin official said. ``Given the positive outlook for economic growth in Vietnam and an increasing number of South Korean firms there, we consider Vietnam to be very important for our successful expansion in Southeast Asia.''
Korean banks have tapped Vietnam and neighboring markets in recent months to increase their global presence. Hana Bank, the country's fourth largest lender, also seeks to open an office in Ho Chi Minh later this year. Vietnam is viewed as a ``little China'' with foreign direct investments continuously flowing into the country. It has posted one of the fastest growth rates in the region. The Asian Development Bank forecast the country would record about 8-percent growth in gross domestic product in 2007 and 2008.
Korea Investment Trust Management set up its research unit in Ho Chi Minh, in line with the introduction of a Vietnamese fund last year. Tongyang Investment Trust Management also is preparing to make inroads into Vietnam where its sister securities firm, Tongyang Investment Bank, has a unit. Kookmin said it will set up branches in Harbin in northern China and Kiev, Ukraine, this year, becoming the first Korean lender to offer banking services in the cities. Besides Kookmin, Shinhan and Woori have stepped up efforts to expand businesses in the developing Asian markets with the long-term goal of providing retail services to local residents.
Send tips or a Letter to the Editor to editor@updatere.com
|
