Jin Hyun-joo The Korea Herald Publication Date: 06-05-2009
South Korean banks are gearing up for an overseas expansion as the global credit crunch appears to be easing.
During the global financial meltdown, banks shelved or delayed their overseas expansion plans last year. However, as foreign exchange market conditions improve, they seek to resume oversees expansion to find new growth engines.
Kookmin Bank, the country's top lender, said May 4 that it had acquired a 51 per cent share in Khmer Union Bank in Cambodia for 10 billion won (US$7.9 million).
The bank, which was renamed to Kookmin Bank Cambodia, is small-sized with $13 million in total assets. It was set up last July by Korean companies operating in Cambodia
The move is part of the bank's plan to form a 'finance triangle' network linking Southeast Asia, China and the Commonwealth of Independent States.
"Cambodia, which had achieved nearly 10 per cent of economic growth by 2007, was impacted little by the financial crisis. Its financial market has high growth potential as financial assets account for around 40 per cent of gross domestic product," a Kookmin Bank official said.
damn, why dont they come to Lao? we hunger of FDI like hell, people need more job and stable lfie; and of course there are alot of opportunity to do business in Laos.
damn, why dont they come to Lao? we hunger of FDI like hell, people need more job and stable lfie; and of course there are alot of opportunity to do business in Laos.
Hold on!They will go as long all of your Laotian kids have college degree. Just be prepared.
what Union Bank are they talking about? Because Union bank is japanese bank, they did not went to Cambodia as i know because i'm working with UBOC Union bank of California In San Francisco and i don't think UBOC should not have in cambodia yet. They had only few country: Thaliland, Philipine, Taipei, Hongkong,Mexico and few in United state.
