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KB seeks Chinese approval for executive appointments

KB seeks Chinese approval for executive appointments

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Published : 2013-12-20 20:30
Updated : 2013-12-20 20:30

KB Kookmin Bank is currently seeking the China Banking Regulatory Commission’s approval for the Korean bank’s appointments of its executives at its Beijing unit.

A KB spokesperson said that KB Kookmin Bank has taken “normal steps” with Chinese financial regulators for its executive appointments in Beijing.

The Korean bank in Seoul said it filed a request for the CBRC’s approval in mid-November this year, and expected it would take about two to three months.

“The process normally takes about that time in China, where banks commonly have to go through prior consultation with the regulators,” said the KB spokesperson.

He added that it was inappropriate to say that China’s regulators have “put off” KB’s approval request.

A local newswire reported that China had deferred KB’s personnel appointments as its regulators were dissatisfied with the Korean bank’s frequent staff changes. KB Kookmin Bank CEO Lee Kun-ho was slated to visit China to straighten things out with the regulators.

The spokesperson noted that Lee will be visiting the Beijing unit, which was established about a year ago, to check its operations and the Chinese market.

The purpose of the chief executive’s Beijing visit scheduled in early November was not for a meeting with Chinese banking regulators, he stressed.

By Park Hyong-ki (hkp@heraldcorp.com)

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