Industrial Bank of Korea opens new branch in NE China city

The Industrial Bank of Korea (IBK) of the Republic of Korea (ROK) opened a new branch in Shenyang, capital of northeast China's Liaoning Province, on Tuesday.

This was the second foreign bank to open a branch in Shenyang, following Hana Bank, the third largest bank in the ROK, which set up a branch in Shenyang last year.

Kang Kwon Seok, president of the IBK, said the Shenyang branch aims to provide financial support to ROK small-and medium-sized enterprises investing in China.

Kang said that the Shenyang branch is the bank's third branch opened on Chinese mainland, following the two branches built in Tianjin, a port city in north China, and Qingdao, a coastal city in east China's Shandong Province.

The Industrial Bank of Korea was established by the ROK government in 1961, specializing in financial services for small- and medium-sized enterprises. It now serves over 160,000 small- and medium-sized enterprises in ROK.

Source: Xinhua