(NH NongHyup Bank)
NH NongHyup Bank, one of South Korea’s five major banks, said Sunday that it has been granted a license to operate a branch in Hong Kong, taking a solid step towards global expansion.
With the green light given by the Hong Kong Monetary Authority on Thursday, the lender will make a foray into Asia’s largest financial hub. NH NongHyup plans to launch its Hong Kong branch by the end of the year, after selecting the location of its headquarters, according to the firm.
“Hong Kong is one of China’s export channels with high demand for corporate finance and is a center for investment banking,” NH NongHyup Bank CEO Kwon Jun-hak said. “We plan to foster the branch as NH NongHyup’s Asia hub,” he added.
The Hong Kong branch is expected to become a key addition to NH NongHyup’s global network, which has been deemed “lackluster” compared with other major financial groups here. It currently operates two subsidiaries, two branches and four offices in six overseas markets, including the US, China, Myanmar, Cambodia, Vietnam.
Other major overseas expansion plans include launching respective branches in Beijing, Sydney and India’s planned city of Noida.
It earned a preliminary license to launch a branch from Beijing’s financial authorities in April, after winning permission to use its brand name in Sydney from Australia’s authorities in March. The bank is still waiting for a response from India’s financial authorities after filing for the license in June last year.
NH NongHyup is also gearing up to establish an office in London as well.
The lender earlier vowed to establish over 14 businesses in 12 different nations by 2025.
By Jung Min-kyung (firstname.lastname@example.org