Expansion into East Asian Market
KB Kookmin Bank CEO Hur Yin visited Myanmar and Cambodia this week for business expansion in Southeast Asia. He was accompanied by executives of the bank such as Individual Customer Group head Lee Hwan-ju, Digital Finance Group head Han Dong-hwan and Global Business Headquarters director Park Jae-hong.
On April 3, they visited Naypyidaw, Myanmar and met with Construction Ministry officials and central bank executives to discuss more strategic cooperation. In addition, they visited KB Microfinance Myanmar to discuss local financial needs and better communication with customers.
Established in March last year, KB Microfinance Myanmar is currently running four branches for 22,000 customers. This year, the local corporation is going to expand its business mainly in Naypyidaw and Yangon by combining microcredit with home loans.
In Cambodia, in the meantime, KB Kookmin Bank established KB Cambodia Bank in as early as April 2009. The local bank currently has four branches, which are led by local branch managers so that KB Kookmin Bank’s advanced financial techniques and local banking practices can be harmoniously blended with each other. The South Korean bank is planning to open a new branch in Phnom Penh this year.
More recently, the South Korean bank launched Liiv KB Cambodia as a global digital bank platform in September 2016. More than 30,000 customers are currently using the platform.