KB Financial Group has started car installment finance and consumer finance businesses in Cambodia. The move is part of the group’s efforts to strengthen its foothold abroad. The group also established an asset management unit in Shanghai, China, earlier.
KB Kookmin Card Co. held an inauguration ceremony in Phnom Penh, Cambodia, on Sept. 6 for KB Daehan Specialized Bank, which it acquired jointly with Southeast Asia-based Korean auto-motorcycle manufacturer LVMC Holdings, formerly Kolao Holdings, in April, starting business in earnest.
KB Financial Group Chairman Yoon Jong-kyoo and other executives, including KB Kookmin Card CEO Lee Dong-cheol, participated in the ceremony with LVMC Holdings Chairman OhSei-young and National Bank of Cambodia Governor CheaChanto.
KB Daehan Specialized Bank will engage in installment financing for vehicles to be assembled and manufactured in Cambodia by LVMC and those to be sold at dealer shops as well as provide property-backed loans.
In the medium and long term, the bank aims to expand its businesses to credit cards, credit loans and card processing agency services while opening more branches in other major cities in Cambodia.
Starting next year, KB Daehan Specialized Bank will begin the debit card business for customers and partners of KB Kookmin Bank's wholly owned subsidiary in Cambodia, Kookmin Bank Cambodia PLC.