KB Kookmin Bank opened an office in Mumbai, India, on Tuesday, hoping that it would help expand its banking service in the Asian country.

The bank also announced on Tuesday that it signed a Memorandum of Understanding with ICICI Bank, India’s largest private bank. 

Following the agreement, KB’s customers in India will be able to do their banking through ICICI bank from opening accounts to exchanging foreign currencies and even getting bank loans based on KB’s financial guarantee.

KB officials said that the bank thought highly of India’s growth potential.

“The Mumbai office will offer the best financial services to South Korean companies which advanced to India as well as Korean and Indian individual customers there,” said KB through statement.

ICICI Bank is India’s second-largest bank with a total asset of $119 billion and 2,752 branches throughout the nation. It has a wide network with foreign banks in 18 countries. ICICI will place employees exclusively working for KB customers.

KB Kookmin Bank currently has 13 branches or offices in 10 countries. It will also open offices in Osaka and Beijing by the end of the year.

KB Kookmin Bank Corporate and Investment Banking Group Vice President Lee Chan-keun and ICICI Bank President for International Banking and Small and Medium Enterprises Vijay Chandok attended the signing ceremony held at ICICI Bank headquarters in Mumbai, India.

The opening ceremony for KB’s Mumbai office will be held on Wednesday at the Grand Hyatt Hotel in Mumbai.

By Park Min-young (claire@heraldcorp.com)