KB Kookmin Bank Holds Opening Ceremony for Myanmar Local Subsidiary

Heo In, Bank President, "Plans Aggressive Business Expansion in Housing Finance, Digital Finance, Corporate Finance, and Infrastructure Finance"

At the opening ceremony of the Myanmar local corporation, (from left) Kim Chang-woo, Head of KB Myanmar Bank, U Zaw Min Win, Chairman of the Myanmar Chamber of Commerce, U Phyo Min Thein, Governor of Yangon Region, and Lee Sang-hwa, Ambassador of Korea to Myanmar, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 27th that it held the opening ceremony of its local subsidiary, 'KB Myanmar Bank,' in Yangon, the economic capital of Myanmar.

Key figures attended the opening ceremony, including Lee Sang-hwa, Ambassador of Korea to Myanmar; U Phyo Min Thein, Chief Minister of Yangon Region Government; U Zaw Min Win, Chairman of the Myanmar Chamber of Commerce; U Ye Aung, Deputy Governor of the Central Bank of Myanmar; and representatives from Korean companies operating in Myanmar. Additionally, U Than Htin, Ambassador of Myanmar to Korea; Hur Yin, President of KB Kookmin Bank; Lee Chang-kwon, Vice President of KB Financial Group; and customers who could not attend in person participated via online connection.

In his online opening remarks, President Hur Yin stated, "In Myanmar, a geopolitical hub of ASEAN with abundant growth potential, KB Myanmar Bank plans to ambitiously expand its business in various fields such as housing finance, digital finance, corporate finance, and infrastructure finance." He added, "We will especially leverage our digital and housing finance capabilities to establish ourselves as a specialized housing finance bank in Myanmar and strive to become the 'lifelong financial partner' of Myanmar customers."

KB Myanmar Bank was established as the first foreign bank to obtain a local subsidiary license in Myanmar by KB Kookmin Bank, having received final approval from the Central Bank of Myanmar on December 23 of last year.

KB Kookmin Bank first entered Myanmar in 2013 by opening an office in Yangon. Since then, it has built cooperative systems with the Ministry of Construction and the Housing and Construction Development Bank of Myanmar, working to successfully implement Myanmar's housing finance policies and promote the supply of affordable housing. Furthermore, in March 2017, it began operating as a Micro Finance Institution, providing financial services aimed at improving housing and living conditions for low-income groups. To date, it has opened 21 branches, maintaining stable growth.

A KB Kookmin Bank official stated, "Going forward, KB Myanmar Bank plans to establish a balanced business portfolio including digital platform-based housing subscription services, mortgage loans, corporate finance, and infrastructure finance, aiming to become a leading foreign bank in Myanmar's financial market."