The Korea Exchange Bank said on Monday it would open a subsidiary in Moscow this year as more South Korean companies are seeking to expand business opportunities in Russia.

The country’s fifth-largest lender will focus on localizing financial services that include plans for developing retail banking businesses and offering financial services to both Russian and South Korean firms doing business in the area, bank officials said.

The new subsidiary is being launched six years after KEB opened a Moscow office in 2008. Up until now, KEB’s business has largely been focused on providing financial information and counseling services for South Korean clients.

The KEB’s latest project is a part of the bank’s efforts to raise the portion of its overseas revenue to 40 percent of the total by 2025.

In addition to its 91 overseas networks in 23 countries, KEB plans to launch three more business networks this year in India, Mexico and Canada, according to bank officials.

(monicasuk@heraldcorp.com)