IBK Bank Vietnam, the local subsidiary of Industrial Bank of Korea (024110), has officially launched operations.
Industrial Bank of Korea said on the 14th that its CEO, Chang Min-young, held a launch ceremony for the new Vietnamese subsidiary in Hanoi on the 13th. The subsidiary, which received final approval from the State Bank of Vietnam in April, began full operations on Sept. 25.
IBK Bank Vietnam aims to offer differentiated financial services in the local market, drawing on its experience running branches in Hanoi and Ho Chi Minh City and more than 60 years of expertise in policy financing for small and midsize enterprises. Centered on a sales network across major industrial complexes, the bank plans to support both Korean companies operating in Vietnam and local small businesses, contributing to economic cooperation between the two countries.
"The launch of IBK Bank Vietnam marks a new starting point for the localization strategy we have pursued since establishing the Ho Chi Minh City branch in 2008," said Park Kyung-il, the subsidiary's first chief executive. "We will develop into a solid local bank that grows together with the Vietnamese economy."
IBK Bank Vietnam is the 10th foreign bank subsidiary in Vietnam. Licensing for foreign banks has tightened as the Vietnamese government pushes ahead with restructuring of its domestic banking sector, and IBK Bank Vietnam secured final approval after a nine-year process.