IBK기업은행 has completed the establishment of its local subsidiary in Vietnam after a nearly nine-year approval process and has officially begun operations.
The bank announced on the 14th that it held the launch ceremony for 'IBK Vietnam Bank' in Hanoi on the 13th.
Following the receipt of its official license from the State Bank of Vietnam (SBV) in April, IBK completed the subsidiary establishment procedures and began formal operations on September 25.
Amid the Vietnamese government's strict regulation of foreign bank licenses as part of its banking sector restructuring, IBK Vietnam Bank has emerged as the 10th foreign bank subsidiary in Vietnam after a nine-year wait.
IBK Vietnam Bank plans to expand its local financial services based on its operational experience from existing branches in Hanoi and Ho Chi Minh City, as well as its expertise in policy financing for small and medium-sized enterprises (SMEs). The bank aims to enhance its network around major industrial zones and provide financial support to domestic companies operating in Vietnam and local SMEs.
Park Kyung-il, the inaugural head of IBK Vietnam Bank, stated, "This launch marks a new starting point for our localization strategy in Vietnam, which has been pursued since the establishment of our Ho Chi Minh branch in 2008. We will prioritize our customers and practice responsible finance that acts as an umbrella during difficult times."
* This article has been translated by AI.
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