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Exchange Bank of Korea enters the Russian market
The exchange bank of Korea (KEB) by August of the current year plans to open the first division in Moscow. The unit will serve the needs for financial services from Korea to South Korean and local companies in Russia and 11 CIS countries. The bank is building ambitious plans and expects, with the help of Russia, to earn 40 percent of revenues from international operations by 2025, reports IA RUSKOR.
“With the growing number of South Korean companies operating in Russia and neighboring CIS countries, their demand for various financial services is also on the rise,” said Lee Dong Man, Head of International Marketing at the bank.
KEB has already received final approval from the Central Bank of Russia for the creation of a unit. The bank sees significant growth potential in Russia, as South Korean companies such as Samsung, LG and Hyundai Motor have production in the country and are planning further investments.