KEB Launched Office in Moscow
It looks like the banking sector of Russia has lured Korean credit institutions. Korea Exchange Bank has opened an office in Moscow, Shinhan Bank is buying a small bank here.
Korea Exchange Bank (KEB) that rates the fifth in Korea in size launched the Moscow office in late April. The bank specified via its web that it set to arranging establishment of KEB’s full-fledged subsidiary in Russia. People in KEB consider the chances of acquiring stakes in the capital of Russia’s retail banks, explained a top manager of western bank’s subsidiary, who had talked to KEB representatives.
The bank will start by consulting Korean companies and the companies of Russia that have business with Korean firms, KEB’s statement specifies. “KEB is well-known in Korea, it enjoys solid authority and has been long eyeing Russia’s market,” said Roman Khapaev, who is the general director at Hyundai Motor CIS, the exclusive importer of Hyundai Motor in Russia.
KEB is by far not Korea’s only bank that intends to expand in Russia. Korea’s second bank, Shinhan Bank inked the preliminary agreement to buy out Finasovy Standard (Financial Standard) bank in late past week.
www.kommersant.com
All the Article in Russian as of May 12, 2008
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