Finance Cooperation
After the launch of “integrated KDB,” Hong Ky-ttack, chairman of the Korea Development Bank (KDB Bank), has started finance marketing for the first time. Hong is planning to give shape to increasing cooperation in the financial sector. The leaders of Korea and Australia discussed strengthening the cooperation between the two countries in a summit talk in April last year.
Accordingly, he had meetings with the Australian financial authorities in Australia from Feb. 9 to 12.
Hong visited the Australian Prudential Regulation Authority (APRA) and sounded his plan to open KDB Bank offices in Australia. He has received positive responses to that. Also, visiting the Centre for International Finance and Regulation (CIFR) in Australia, he learned about the advanced Australian financial system and the case of internationalizing the Australian dollar, and exchanged opinions with other attendees.
The banking sector accounts for 9 percent of GDP in Australia, and the nation also ranked 3rd in the PF sector. Australia is a hidden financial power.
As Korea and Australia had summit talks and signed a free trade agreement last year, the financial partnership between the two countries in a friendly atmosphere is fully expected.
Hong signed an MOU with the Australia and New Zealand Banking Group (ANZ), based in Melbourne, Australia. Also, he discussed how to strengthen the mutual partnership in the PF and venture capital fund sectors, talking with the major Australian financial institutions including the National Australia Bank and the Westpac Bank.
Meanwhile, KDB sent a number of workers abroad, based on qualified strategic regions including Hong Kong, Singapore and London, in the recent integrated reshuffle with the Korea Finance Corporation.
By the trans-nationality index (TNI), which indicates the degree of internationalization of banks, KDB stands at 13 percent. The figure is more than double the level of domestic commercial banks at 5 percent.