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74% of South Korean Banks’ Overseas Branches and Offices Located in Southeast Asia
Banks' Overseas Expansion Likely to Continue
74% of South Korean Banks’ Overseas Branches and Offices Located in Southeast Asia
  • By Yoon Young-sil
  • February 24, 2020, 11:28
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The ratio of Shinhan Financial Group’s overseas profit to its overall profit rose to 11.7 percent in 2019.

The number of overseas branches and offices of South Korean banks reached 1,043 in December last year. A total of 13 banks were running the branches and offices in 42 countries in total.

They include 303 located in Indonesia, 203 in Cambodia, 151 in Myanmar, 63 in Vietnam, 40 in the Philippines, 16 in India, four in Singapore, one in Malaysia and one in Thailand. The rest include 100 in China, 18 in Japan, 32 in 11 European countries, 83 in six American countries, and eight in Oceania and Africa.

The ratio of the banks’ overseas profits to their overall profits increased last year. Especially, the overseas profit and the ratio of Shinhan Financial Group increased by 23.3 percent to 397.9 billion won and increased to 11.7 percent, respectively.

This trend is likely to continue this year. “With uncertainties mounting both at home and abroad, the importance of global business is continuing to increase along with the importance of digital conversion,” one of the banks explained, adding, “Business expansion to more promising regions will continue for a while.”