KB Kookmin CEO visits Chinese arm

KB Kookmin Bank said Sunday its chief executive Min Byong-deok visited Beijing last week to check on the bank’s efforts to establish a new Chinese corporation and meet with Chinese financial authorities.

KB Kookmin received preliminary approval from the Chinese government in January to set up a corporation and a Beijing branch, and plans to get a final endorsement in the second half of this year to begin operation in November.

The corporation will overlook the bank’s existing branches in Guangzhou, Suzhou and Harbin.

Min instructed his staff in China to beef up sales through distinctive strategies as he inspected the new corporation’s headquarters and Beijing branch, a KB Kookmin official said.

“He also explained the business strategies of KB Kookmin’s Chinese arm to the Chinese authorities and requested for their cooperation in localizing the bank,” the official said.

By Kim So-hyun (sophie@heraldcorp.com)