KB Kookmin Bank of South Korea planning India entry
By Vaibhav Aggarwal
Nov 23, 2011
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The largest bank of South Korea, KB Kookmin has laid eyes on the Indian banking industry to make an entry.

The lender has already filed an application with Indian banking regulator, Reserve Bank of India in order to set up a representative office here.

"We had applied to the RBI in March. The regulator has sent the document to the finance ministry. In a few months time, we should get the final approval. Our representative office will be based in Mumbai. However, we would be exploring cities like Mumbai, Gurgaon, New Delhi, and Chennai as and when we open a branch in future," said chief representative of the Mumbai office of the bank, Mr Chan Heung Kim.

The bank's major focus in India would be towards the corporate clients and further the wealth management domain.

The bank is a big player in the South Korean home loan market which contributes to majority of its loan book (>70%). Remaining 20% of the Rs 12,75,000 crore worth loan book of the bank is composed of corporate clientele'.


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