Securing a Bridgehead for Korean Banks' Expansion into Europe
Cooperation and MOU Signed
The Korea Federation of Banks conducted an official visit to Germany and Luxembourg from May 20 to 21, discussing ways to strengthen cooperation with banking associations and financial institutions in both countries.
On May 20, the Korea Federation of Banks held discussions with the Luxembourg Bankers' Association, the Luxembourg Financial Sector Supervisory Commission, and the Fintech Hub on financial strategies, digital innovation initiatives, fintech businesses, and related policies of both countries. The Federation also signed a Memorandum of Understanding (MOU) with the Luxembourg Bankers' Association to enhance financial cooperation.
On May 21, the Federation became the first Korean financial institution to officially visit the German Banking Association, where they discussed common issues between the two countries and held discussions on topics such as digital innovation, sustainable finance, and financial supervision.
Lee Taehoon, Executive Director and the main representative of the Korea Federation of Banks, stated, "This visit was highly significant in establishing a bridgehead to support the overseas expansion of Korean financial institutions into Europe and in broadening strategic partnerships with the European financial sector."
He added, "The Korea Federation of Banks plans to gradually expand its network in Europe. We will further strengthen exchanges with local financial institutions so that Korean banks can seek new growth opportunities in Europe, and we will continue to serve as a bridge for private-sector diplomacy."
Lee Taehoon, Executive Director of the Korea Federation of Banks (left), and Jerry Gribic, CEO of the Luxembourg Bankers' Association (right), are signing a Memorandum of Understanding (MOU) and taking a commemorative photo. Photo by Korea Federation of Banks
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