"Banks Expanding Southeast Asia Branches... Launching Overseas Strategies"

Kwon Jun-hak, President of NH Nonghyup Bank, held a virtual New Year's meeting with 10 overseas branch managers on the 10th at the headquarters in Jung-gu, Seoul.

[Asia Economy Reporter Buaeri] Domestic banks are expanding their global branches. Although they had adopted a cautious strategy due to COVID-19, as the pandemic has become a prolonged situation, they are preparing for the post-COVID-19 era.

According to NongHyup Bank on the 13th, they currently operate a total of 10 overseas branches in countries including the United States, China, and Vietnam. NongHyup Bank announced plans to secure more than 14 branches across 12 countries worldwide by 2025 through additional expansion into major Southeast Asian countries and global financial hub locations.

President Kwon Junhak said, "NongHyup Bank has achieved significant results in its global business over the past five years, including the establishment of multiple new branches. We aim to complete securing key overseas bases this year and mark it as the inaugural year as an international revenue center. We expect to generate substantial profits through customized business models tailored to each country of entry."

In addition to NongHyup, IBK Industrial Bank is preparing to establish an office in Poland. The plan is to make this office a hub for Eastern Europe. Poland hosts battery manufacturers, which are key suppliers for electric vehicles. As partner companies move alongside these electric vehicle battery manufacturers, financial demand is reportedly increasing.

Industrial Bank is also venturing into overseas markets by establishing a venture capital (VC) investment corporation in Silicon Valley, USA. A representative from a commercial bank said, "The focus for banks is global business expansion, and efforts to open overseas market channels, such as entry into Southeast Asia, will continue."

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