Financial watchdog approves branch of Chinese bank ABC

Home > Business > Finance

print dictionary print

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.


Yonhap

More in Finance

CU gets into the foreign exchange transaction business

Kospi hits another record high despite Covid spike

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

China's WeChat Pay and Seoul's Zero Pay now interoperable

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now