KEB gets approval from Russia to open branches in Moscow
Korea Exchange Bank said yesterday it won approval from the Central Bank of Russia to establish a subsidiary and start operating in August. KEB has been preparing to open a branch in Moscow since 2008, where it has an office.
The office has been providing financial services for Korean companies there.
As the number of Korean businesses entering Russian rises, the bank is trying to turn the office into a corporation that will help them roll out sale activities in Russia.
KEB applied for the approval in October. Russia is considered a potential lucrative market for Korean companies, with about 140 million population, affluent natural resources and young work forces.
“By analyzing the Russian market thoroughly, KEB will try to expand its corporate financing business into retail in the future,” the bank said in a press release. KEB currently has 91 overseas branches in 23 countries. It aims to reach 40 percent in overseas profits by 2025.