Industrial Bank of Korea (IBK) said on the 27th that it obtained final approval on the 23rd to establish a local subsidiary in Vietnam. It comes nine years after it began the licensing process.
Industrial Bank of Korea (IBK) received the final approval certificate at the Korea-Vietnam financial cooperation forum held in Vietnam on the 23rd. Since 2017, Vietnam has effectively suspended new licenses for locally incorporated bank subsidiaries.
Industrial Bank of Korea (IBK) is preparing to begin operations with the goal of launching its Vietnam subsidiary in October. After the launch, it plans to expand its network around major industrial complexes and serve as a financial partner supporting domestic corporations' entry into the local market.
Industrial Bank of Korea (IBK) said, "With government-wide support and cooperation from the Embassy of the Republic of Korea in Vietnam, the Financial Services Commission, and the Financial Supervisory Service, we were able to achieve the result of obtaining final approval," adding, "As a policy finance institution, we will establish a base to support small and midsize enterprises in Vietnam and faithfully fulfill our role in underpinning economic cooperation between the two countries."