Approved by IBK Myanmar Bank and started business this month
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From the beginning of his inauguration, Bank Chairman Yoon Jong-won, who emphasized’leaping as a first-class financial group with global competitiveness’, succeeded in entering Myanmar and achieved the first results in overseas expansion.
IBKIndustrial Bank (024110)Announced on the 3rd that it received final approval for establishing a local corporation from the Central Bank of Myanmar on December 30 last year. IBK is planning to launch’IBK Myanmar Bank’ and start business within this month. IBK Myanmar Bank is the first case of IBK’s overseas expansion to establish a local subsidiary without switching branches from offices.
IBK Myanmar Bank can handle most of the business handled by local banks such as companies, individuals, and foreign exchange. It is possible to trade not only domestic companies in Myanmar but also local companies.
The bank said, “We will alleviate the inconvenience of Korean companies that have had difficulties in banking transactions and provide the same level of service as in Korea.
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IBK plans to start operations centering on domestic companies and gradually expand its business areas to local companies and retail banking. An official from IBK said, “Based on IBK’s unique medium-term financial capabilities, we will provide products and services tailored to local characteristics to develop into a leading bank in Myanmar’s mid-term finance.” And plans to contribute to economic development.”
When IBK Myanmar Bank opens, IBK will have 3 local subsidiaries and 59 local branches in 12 countries.
/ Reporter Kwangsoo Kim [email protected]
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