Fri, November 27, 2009
Business > Markets

S Korea's bank to open 2 branches in China next year

2009-11-27 09:17:32 GMT2009-11-27 17:17:32 (Beijing Time)  Xinhua English

SEOUL, Nov. 27 (Xinhua) -- South Korea's state-run Industrial Bank of Korea (IBK) will open two branches in China next year as it eyes its corporate banking business, South Korea's Yonhap News Agency said Friday.

"We plan to launch two more branches in Qingdao and Tianjin in around January and February in a bid to strengthen the corporate banking business there," Yun Yong-ro, chairman of IBK, was quoted as saying by Yonhap.

According to Yun, the IBK needs to sharpen its competitiveness in China where many Korean companies are running their operations.

IBK, which is 57.7 percent owned by the government, posted a net profit of 219.5 billion won (186.7 million U.S. dollars) in the third quarter, up 52.1 percent from a year earlier on increased interest income.

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