Nonghyup Bank is seeking to establish a branch in Sydney of Australia, Beijing of China and India. While other Korean commercial banks are focusing on retail financing in Southeast Asia, including Vietnam, the bank is seeking to secure a foothold in Australia, China and India.
The bank’s CEO Lee Dae-hoon met with two senior trade and investment officials from Australia's Trade and Investment Commission, or Austrade, at the bank's main office in Seoul on Sept. 10, to discuss plans to set up a branch in Sydney, Australia. The bank expects to participate in infrastructure deals and provide business financing services in Australia.
Currently, Nonghyup Bank has a total of seven local branches and offices in six countries, including Vietnam, Myanmar, Cambodia, China, India and the United States. The bank has decided to convert its offices in Beijing of China, India and Ho Chi Minh of Vietnam into branches. It asked the Vietnamese government to grant approval for establishment of its branch in May. The bank is also planning to file an application with the Chinese government to convert its office into a branch by the end of this year. In addition, Nonghyup Bank is pushing to set up a branch in Noida, India.
Unlike other South Korean banks which have started pushing into the global market since early 2000s, Nonghyup Bank is a second mover which opened its first overseas branch in the United States in 2013. However, Lee has been aggressively pursuing global business. He visited six countries, including Hong Kong and Indonesia, this year alone to check local business conditions.