Busan Bank Opens Nanjing Branch in China... Second Branch in China

[Asia Economy Reporter Kim Min-young] BNK Busan Bank has opened its second branch in China, located in Nanjing, Jiangsu Province.

Busan Bank announced on the 29th that it obtained official approval from local Chinese financial authorities at the end of last month to establish the branch, marking its second branch in China after Qingdao and its third overseas branch following Ho Chi Minh City, Vietnam. This is the first time a domestic regional bank has received final approval to open a second branch in China.

Busan Bank explained that after receiving preliminary approval from the Jiangsu Banking and Insurance Regulatory Commission in September last year, it swiftly completed the licensing procedures through mutual cooperation with Nanjing city and financial authorities despite the COVID-19 pandemic.

With the establishment of the Nanjing branch, Busan Bank plans to build an efficient sales network by dividing China into northern and southern regions, thereby further strengthening close business operations within China.

Bang Sung-bin, Head of Busan Bank’s Management Strategy Group, stated, “China is a strategic hub for Busan Bank’s global business, and we expect the opening of the Nanjing branch to greatly help expand our business capabilities in China. Going forward, Busan Bank plans to continue expanding its operations within China.”

Busan Bank currently has branches in Qingdao and Nanjing, China, as well as in Ho Chi Minh City, Vietnam. It also operates offices in Yangon, Myanmar; Mumbai, India; and Hanoi, Vietnam. The bank plans to explore various overseas expansion strategies, including acquiring local banks and equity investments, focusing on countries targeted for future entry.

This content was produced with the assistance of AI translation services.