KB Financial Group announced on July 10 that it signed a memorandum of understanding (MOU) with India’s Bank of Baroda on July 9 for comprehensive business cooperation.
Bank of Baroda is the second largest state-owned bank in India with 5,400 branches.
The two companies will work in the areas of personal, business, trade finance, card, and mobile payment areas. In particular, in line with the Indian government's "digitalized India" banner, they will create a digital payment ecosystem together.
KB expects that if it opens a branch in Gurgaon in India, it can raise Rupee through Bank of Baroda and to participate in local syndicated loans (joint loans) more stably.
A KB Financial Group official said, "We will be able to make a full-fledged entry into the banking, card, and payment markets through cooperation with the Bank of Baroda."