Industrial Bank of Korea (IBK) Poland obtained full banking authorization (business license) from the local financial authorities. It comes 2 years and 6 months after Industrial Bank of Korea (IBK) entered Poland in May 2023.
The Financial Services Commission (FSC) said on the 20th that the Polish Financial Supervision Authority (KNF; Komisja Nadzoru Finansowego) has completed the business license (full authorization) for Industrial Bank of Korea (IBK) Poland. Industrial Bank of Korea (IBK) Poland received preliminary authorization (establishment approval) from the KNF in Nov. last year.
An official at the Financial Services Commission (FSC) said, "Along with the State Bank of Vietnam (SBV) beginning the licensing review for Industrial Bank of Korea (IBK)'s Vietnam subsidiary, strengthened cooperation with overseas financial authorities showed that it can effectively facilitate overseas expansion by our financial companies."
The Financial Services Commission (FSC) held two rounds of meetings between financial chiefs with the KNF after Industrial Bank of Korea (IBK) applied for establishment approval for its Polish subsidiary in Mar. last year. The Financial Services Commission (FSC) said it continuously asked the local financial authorities for interest in and support for the push by Korea-affiliated banks to enter Poland.
Industrial Bank of Korea (IBK) plans to strengthen financial support for Korean small and midsize enterprises that have entered Eastern Europe.
An official at Industrial Bank of Korea (IBK) said, "The Polish subsidiary is the only Korea-affiliated bank established in Poland and the European Union (EU) regional headquarters," adding, "It will serve as a springboard to expand its intra-regional activities beyond Eastern Europe—such as the Czech Republic, Hungary and Slovakia, which are major production bases within the EU—to Western Europe, including France and Germany."