KB Kookmin Bank opens second Vietnam branch in Hanoi

February 21, 2019 | 09:36
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KB Kookmin Bank opened its second branch in Vietnam yesterday (February 20) as the bank strives to meet the rising needs of Korean and Vietnamese clients.
kb kookmin bank opens second vietnam branch in hanoi
The launching ceremony of the Hanoi branch of KB Kookmin Bank

The Hanoi branch of KB Kookmin Bank is located on the 25th floor of the Landmark72 building. Following the Ho Chi Minh City branch, this new office focuses on providing financial services to Korean corporations and promotes investment in the northern region of Vietnam.

According to KB Kookmin Bank, the Hanoi branch also plans to offer financial services for Vietnamese individual customers through its digital banking solutions. Customers also gain access to the interconnected system of KB Financial Group in Vietnam, which includes subsidiaries such as KB Risk Insurance Company and KB Securities Company.

"Kookmin Bank’s Hanoi branch will make continuous efforts to provide Vietnamese customers as well as Korean corporations with diversified financial compensation. This branch will also be the springboard for our global promotion in other countries," said Hur Yin, CEO of KB Kookmin Bank.

kb kookmin bank opens second vietnam branch in hanoi
Hur Yin, CEO of KB Kookmin Bank, praised the growth potential of Vietnam's financial market

The bank's representatives said that despite Vietnam's recent tightening of foreign banks' licenses, Kookmin Bank has been approved by the State Bank of Vietnam for the new establishment in early 2019.

In recent years, Korean financial institutions have flocked to Vietnam as the country promises a large labour force with low costs, a stable political system, investment attraction policies, and the annual economic growth rate of over 6 per cent.

Korean financiers are also enticed by the fact that the majority of Vietnam’s 100 population million does not have a bank account. This means ample business opportunities in the fast-growing country for foreign bankers.

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By Nam Phuong

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