KB Kookmin Bank Opens Singapore Branch... "Securing Business Hub in Asia-Pacific Region"

Establishing a 24-Hour Capital Market Infrastructure System Following London and New York

At the 'KB Kookmin Bank Singapore Branch Opening Ceremony' held on the 19th at the Yeouido New Building of KB Kookmin Bank, (from left) Jo Nam-hoon, Head of Global Business Group at KB Kookmin Bank, Woo Sang-hyun, Head of CIB Customer Group, Lee Jae-geun, President of KB Kookmin Bank, Kim Young-gi, Standing Auditor of KB Kookmin Bank, and Ha Jeong, Head of Capital Markets Group at KB Kookmin Bank, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 20th that it held an opening ceremony to commemorate the establishment of its branch in Singapore, the center of Asia's economy and finance.

The opening ceremony held the day before was conducted as an online and offline event simultaneously broadcast live in Singapore and Korea. In Singapore, attendees included Choi Hoon, Ambassador of the Republic of Korea to Singapore, Nicholas Marquie, CEO of IFC Singapore, local financial institutions, and key stakeholders. At KB Kookmin Bank's new building in Yeouido, Seoul, the bank president and employees also participated simultaneously to celebrate the entry into Singapore.

KB Kookmin Bank obtained a preliminary license from the Monetary Authority of Singapore at the end of April last year. Despite the prolonged COVID-19 situation, the bank successfully established the branch about eight months after obtaining the preliminary license.

The final license for the Singapore branch is a wholesale bank license, allowing it to conduct corporate finance, investment finance, capital market-related businesses, and some securities businesses, excluding local currency-based retail operations. In particular, by entering the capital market sector of Singapore's financial market, Asia's largest financial hub, KB Kookmin Bank has established a capital market infrastructure capable of 24-hour response, following London and New York.

Lee Jae-geun, President of KB Kookmin Bank, said, “We are pleased to have successfully opened the branch despite the difficulties caused by the prolonged COVID-19 pandemic,” and added, “With the opening of KB Kookmin Bank's Singapore branch, we expect to play a key role in the Asia-Pacific region.”