In the 'With Corona' Era, National Policy Bank Presidents Advance Aggressively into Overseas Markets

Proactive Overseas On-Site Management by State-Owned Bank Presidents
Lee Dong-geol's Extensive Visits to Silicon Valley, USA & Yoon Jong-won's to Europe
Bang Moon-kyu's Third Overseas Business Trip This Year Draws Attention

[Asia Economy Reporter Jin-ho Kim] The heads of major state-run banks are drawing attention as they embark on overseas business trips one after another. While the heads of commercial banks and financial holding companies, who usually traveled more frequently, have been hesitant, it is analyzed that they have proactively engaged in global on-site management during the "gradual return to normal life (With Corona)" period.

According to the financial sector on the 19th, Lee Dong-geol, Chairman of Korea Development Bank (KDB), is currently visiting Silicon Valley in the United States. This is his second overseas business trip since the outbreak of COVID-19.

Chairman Lee set out on the trip to personally oversee the opening ceremony of "KDB Silicon Valley," held on the 16th (local time). "KDB Silicon Valley" is part of a startup nurturing program that Chairman Lee has consistently emphasized since his inauguration.

The plan is to establish a venture capital (VC) directly in Silicon Valley, a global startup hub, to help domestic startups expand overseas. His long-held belief is that with sufficient investment and infrastructure, South Korea can also create global innovative companies like Airbnb, Uber, and Amazon.

At the local opening ceremony, Chairman Lee emphasized, "KDB Silicon Valley will support domestic startups to grow into global K-unicorns by assisting their overseas expansion."

Earlier in August, he visited Europe. He attended the World Association of Policy Banks conference held in Rome, Italy, where he shared policy investment details related to the Korean New Deal and eco-friendly sectors, receiving enthusiastic responses. Before attending the conference, he visited Germany to discuss upgrading the Frankfurt KDB office to a branch. Since Frankfurt is the European financial hub where European banks are located, this is interpreted as an effort to expand the global network.

Bang Moon-kyu, President of the Export-Import Bank of Korea, has completed his third overseas business trip this year alone. He has been busier than any other financial institution head in supporting export finance for domestic companies. This also reflects his active commitment to global issues such as climate change.

Earlier this month, President Bang visited the United Kingdom to attend the United Nations Climate Change Conference (COP26). At the conference, he met with officials from the European Bank for Reconstruction and Development (EBRD) and the Inter-American Development Bank (IDB) to sign major business agreements on renewable energy and green industry financial support.

Previously, in October and June, he traveled to Europe and the Middle East, respectively. During his visit to Greece, he engaged in "overseas shipowner finance marketing" to expand orders for Korean shipbuilders. A representative achievement was signing a "financial agreement" to provide shipowner finance with Angelicoussis Group, Greece's largest shipping company. He also signed a $5 billion financial cooperation agreement with Abu Dhabi National Oil Company to support orders for Korean companies.

Yoon Jong-won, President of IBK Industrial Bank of Korea, is also embarking on his first overseas business trip since taking office. He will leave for Paris, France, on the 23rd to attend the Organisation for Economic Co-operation and Development (OECD). The main purpose of this trip is to discuss cooperation on SME financing with the OECD.

He also plans to visit Poland, where he is promoting the opening of a London branch and office. This is to reorganize the network within Europe. In particular, he is expected to focus on Poland, where many domestic companies' partners such as Hyundai Motor and Kia have entered. Currently, all loan operations for these companies are handled by the London branch, so the strategy is to open an office in Poland for efficiency.

Meanwhile, major private financial holding company chairmen are also expected to resume overseas business trips soon. Leading the group is Cho Yong-byeong, Chairman of Shinhan Financial Group, who attended COP26 earlier this month, followed by Sohn Tae-seung of Woori Financial Group, Yoon Jong-kyu of KB Financial Group, and Sohn Byung-hwan of NongHyup Financial Group, who are reportedly monitoring the COVID-19 situation closely.

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