South Korea’s Kookmin Bank on February 20 opened its Hanoi branch at the Landmark72 building in Nam Tu Liem District, after receiving approval from the State Bank of Vietnam (SBV) late last year.
The branch has charter capital of $35 million, and an operational term of 99 years, according to the SBV’s website. Similar to its HCM City branch, the Hanoi branch focuses on providing financial services to Korean corporations and continually promote investment in northern Vietnam.
Kookmin is the sixth Korean bank with a Hanoi branch following Shinhan, Woori, the Industrial Bank of Korea (IBK), NongHyup and KEB Hana.
KB Kookmin Bank Hanoi Branch not only provides optimised financial services for Korean corporations promoting investments in Vietnam but also plans to develop financial services for individual Vietnamese customers by developing digital banking services, according to the bank in a statement.
Using the interconnection system between subsidiaries of KB Financial Group in Vietnam, such as KB Risk Insurance Company and KB Securities Company, KB Kookmin Bank will provide comprehensive solutions for financial operations in Vietnam.
Besides this, while Vietnam’s population is approximately 100 million, the number of people using financial and banking services is still low. Therefore, Vietnam is a great potential market for South Korea to develop advanced services, according to the bank.
https://english.thesaigontimes.vn/66322/kookmin-bank-opens-branch-in-hanoi.html
