Ostem Implant Gwangdong Branch Signs MOU with World's Largest Industrial and Commercial Bank of China

(Left) Hee-Soo Kim, Executive Director and Head of Ostem Implant Guangdong Corporation, (Right) Yuantailun, President of Industrial and Commercial Bank of China Shenzhen Branch. / Photo by Ostem Implant

[Asia Economy Reporter Jang Hyowon] Ostem Implant (CEO Eom Taegwan), the world's No. 1 implant sales company, announced on the 17th that its Guangdong branch signed a business agreement with the Industrial and Commercial Bank of China (ICBC) on the 15th.

ICBC, a Chinese state-owned commercial bank, is the world's largest financial company that ranked first from 2013 to 2020 in Forbes' "Global 2000 Listed Companies," based on four criteria: sales, operating profit, assets held, and market capitalization. In Forbes' recent May announcement, ICBC ranked second, with a company size larger than US companies Apple and Amazon.

The agreement ceremony was held at ICBC's Shenzhen branch, attended by Kim Heesoo, Managing Director of Ostem Implant Guangdong branch, Yuan Tailun, President of ICBC Shenzhen branch, and Liao Jiayong, Vice President. This financial agreement, which forms the basis of services to alleviate the purchasing burden on dentists, is expected to help secure operating funds for the branch, allowing the Guangdong branch to further accelerate its local sales activities.

Kim Heesoo, Managing Director of the Guangdong branch, said, "The background for signing a business agreement with the world's and China's No. 1 financial company was greatly influenced by Ostem Implant's brand power and global status, as well as the local trust relationship built by the Guangdong branch." He added, "We are pleased to have established a foundation to provide various customer services in line with the growth and development of the Chinese implant industry." Ostem Implant Guangdong branch has previously pursued financial agreements with China Merchants Bank, Bank of Communications, and Industrial Bank, forming strong relationships with Chinese financial companies.

Meanwhile, the three Ostem Implant sales branches in China, including the Guangdong branch, sold a total of 1.9 million implants last year, achieving sales growth of 55% compared to the previous year. According to the Korea Trade-Investment Promotion Agency (KOTRA) '2021 China Implant Market Trends' report, although the population with missing teeth is overwhelmingly higher than in Korea, only 11% of Chinese dentists are qualified to perform implant surgeries, compared to 85% in Korea. Ostem Implant is focusing on securing trainees as 'customers' through clinical education for local Chinese dentists, aiming to conduct 240 training sessions and graduate about 5,000 trainees this year.

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