Financial watchdog approves branch of Chinese bank ABC

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Financial watchdog approves branch of Chinese bank ABC

The country’s financial regulator said yesterday it has given a green light to Chinese lender Agricultural Bank of China (ABC) to establish a branch in Seoul.

The branch will have an initial operating fund of $50 million and focus on corporate lending and trade financing, the Financial Services Commission said in a release.

The branch’s opening date was not specified, but the regulator said banks are requested to open branches within six months of winning approval.

ABC, which manages two overseas branches in Hong Kong and Singapore, is the fifth Chinese lender to open a branch in Seoul.


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