15 June 2004 03:50
2 S. KOREAN BANKS EYE LAUNCHING OFFICES IN MOSCOW
SEOUL, June 15 Asia Pulse - Korea Exchange Bank (KEB) and Korea Development Bank (KDB) are preparing to set up
offices in Moscow, banking sources said today.
KEB, South Korea's sixth largest bank, plans to dispatch a resident officer to Moscow next month in preparation
for the opening of its office in the capital next year.
The bank also plans to expand the office into a branch or make it locally incorporated in the long term.
Russia's gross domestic product (GDP) grew 6.5 per cent on average for the past 4 years on the back of high oil
prices and a rise in domestic demand, with the economy expected to rise 8 per cent this year.
"As part of our efforts to make inroads into emerging markets like India, Indonesia and Thailand, we are
considering opening an office in Moscow," a KDB official said. KDB, a state-run bank, has assets of 89.08 trillion
won (US$76.52 billion) as of the first quarter this year.
At present, another state-run bank, Export-Import Bank of Korea, and Woori Bank, the second largest lender in the
country, have local offices in Moscow, which were reopened in November 2002 and June 2003 after being closed following
the financial crisis in 1997-1998.
Meanwhile South Korea's financial watchdog, the Financial Supervisory Service (FSS) plans to open an office in
Beijing in July if possible.
"We already got verbal approval from the Chinese government for the Beijing office," FSS vice chief Oh
Kap-soo said.
Oh also said the FSS is considering opening an office in Shanghai, where many South Korean companies are located now,
after the Beijing office.
The FSS has offices in New York, London and Tokyo, which help the operation of South Korean financial institutions in
overseas markets.
(Yonhap)
[Asia Pulse] |
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