IBK Industrial Bank of Korea to Launch Local Subsidiary in Vietnam in October After Receiving Final Approval

IBK Industrial Bank of Korea announced on April 27 that it has obtained final approval from the State Bank of Vietnam (SBV) to establish a local subsidiary in Vietnam.

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This final approval marks the completion of nearly nine years of regulatory procedures for IBK Industrial Bank of Korea to establish its Vietnamese subsidiary. It is particularly significant because, since 2017, the Vietnamese authorities had effectively suspended new local banking licenses, making this the first case in which a foreign bank has received independent approval to set up a local subsidiary in Vietnam.

IBK Industrial Bank of Korea is preparing to officially launch its Vietnamese subsidiary in October, with the goal of commencing operations at that time. After the launch, the bank plans to expand its network, focusing on major industrial complexes, and to serve as a financial partner supporting Korean companies entering the Vietnamese market.

A representative from IBK Industrial Bank of Korea stated, "As a policy financial institution, we will establish a base for supporting small and medium-sized enterprises in Vietnam and faithfully play a role in facilitating economic cooperation between the two countries."

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