KB Kookmin Card enters the Cambodian marketKB Financial Group said Thursday that its credit card arm will make a foray into Cambodia’s auto finance market as part of the group’s efforts to expand into the Southeast Asian country.
KB Kookmin Card officially launched KB Daehan Specialized Bank, its first overseas subsidiary, in Phnom Penh on Thursday, said KB Financial, a major financial holding company in Korea.
The bank, which KB Kookmin Card acquired jointly with Southeast Asia-based Korean auto-motorcycle manufacturer LVMC Holdings in April, will engage in financing for LVMC vehicles and provide property-backed loans.
Starting next year, KB Daehan Specialized Bank will begin the debit card business for customers of KB Kookmin Bank’s wholly-owned Cambodian subsidiary Kookmin Bank Cambodia PLC.
In the mid- and long-term, KB Daehan Specialized Bank will expand into credit cards and unsecured loan services, the financial holding company added.