KDB Establishes Hong Kong Branch... Strengthening Support for New Southern Policy and Asian Expansion Companies (Comprehensive)
Existing Hong Kong Corporation Serves as Investment Banking (IB) Center
New Hanoi Branch in Vietnam to Be Established Within This Year
[Asia Economy Reporter Wondara] KBD Industrial Bank has decided to establish a Hong Kong branch focusing on corporate finance and fundraising.
On the 17th, during a business report at the National Assembly's Political Affairs Committee, the bank announced, "We have decided to build a corporate-branch 'double post' through the establishment of a Hong Kong branch." A bank official stated, "We are preparing to establish the Hong Kong branch as early as this year, considering local regulations and business environment." The existing Hong Kong corporation will serve as an investment banking (IB) center, while the new Hong Kong branch will focus on corporate finance and fundraising hub functions. After establishing the branch, an integrated review council between Singapore and Hong Kong will also be operated.
The bank has recently been expanding its presence in Asia, including Hong Kong. This is in line with the government's New Southern Policy, aiming to support Korean companies' expansion into Asia, increase financial support, and participate in local infrastructure development projects. In 2018, to strengthen its business capabilities in Asia, the bank set up an Asia regional control tower in Singapore and acquired a comprehensive financial company in Indonesia (Tifa Finance) last year. Earlier this year, it opened a Yangon branch in Myanmar and plans to open a Hanoi branch in Vietnam within this year.
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Meanwhile, considering new policy financial support such as overcoming COVID-19 and the Korean New Deal, the bank plans to supply 68 trillion won this year, an increase of 2 trillion won (3%) compared to the previous year (66 trillion won). Support for small and medium-sized enterprises will increase by 1 trillion won to 46 trillion won, and support for innovative growth sectors will increase by 3 trillion won to 20 trillion won compared to the previous year. The bank will additionally raise 1 trillion won for the Corporate Restructuring Fund, totaling 3.7 trillion won, to support the business normalization of major companies facing challenges such as Asiana Airlines, Daewoo Shipbuilding & Marine Engineering, and Ssangyong Motor.
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