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Another Korean bank arrivesFocus short
19 May 2014 Compiled by Spectator staff Finances and Advisory
THE OLDEST and one of the biggest banks operating in South Korea plans to do business in Slovakia. Shinhan Bank will open a branch office in Poland within one month, through which it plans to operate in Slovakia too, the Hospodárske Noviny daily wrote on May 12.
“Via this representation we want to cover other areas, including the neighbouring Czech Republic and Slovakia,” said Jin Won Suh, CEO and President at Shinhan Bank, as cited by the daily. He added that the banking house already received the green light from Polish offices.
According to Jin Won Suh, the bank, when expanding, tries to focus on countries where other companies from its home country already operate. Thus, its expansion into this region is no surprise to experts.
“South Korea ranks among the top investors in Slovakia,” said Richard Dírer, spokesperson of the Slovak Investment and Trade Development Agency (SARIO). “And there is still interest from companies [from South Korea] in investing in Slovakia.”
Corporate clients should be the first in the Korean bank’s viewfinder, while it later wants to establish itself in the retail sector, too.
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