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Korean IBK Opens Suzhou Branch

IBK of Korean held an opening ceremony for its Suzhou Branch in SIP on Dec. 6. This is the second Korean-funded bank and the 6th of foreign-owned banks in Suzhou. At the ceremony, Wang Jinhua, Deputy Secretary of CPC Suzhou Municipal Committee and Secretary of SIP Party Working Committee, and Korean Consul General in Shanghai attended the ceremony and cut the ribbon for inauguration of IBK Suzhou Branch.

IBK, one the three major national banks of Korea, was designated by the government to provide loans to SMEs. Incorporated on Nov. 5, 2007, IBK Suzhou Branch obtained "banking business license" from Jiangsu Provincial Industry and Commerce Administration on Nov. 14. The current operating capital of the branch is 2 billion RMB. According to Mr. Sun Yue, Vice-president of IBK, the banking business of the Suzhou Branch is mainly catered to the Korean-invested enterprises and Korean nationals in Suzhou, and the branch plans to obtain legal person status in 2008 with plans to unfold RMB banking services for local citizens.

Presently, there are over 1,100 Korean enterprises and 20,000 Koreans in Suzhou, which explains why Korean banks are eager to enter the area. Earlier in July, Woori Bank Suzhou Branch became the first Korean bank in Suzhou.

The six branches of foreign banks in Suzhou belong to HSBC, Standard Chartered, DBS, Sumitomo Mitsui Bank, and Woori Bank. When interviewed by reporters, Wang Jinhua commented that the entry of foreign banks in Suzhou would invigorate the banking business and the industrial transformation in Suzhou.

Dec. 7, 2007

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