Chairman Yoon Jong-kyoo of KB Financial Group, 5th R, and is welcomed by PM Nguyen Xuan Phuc of Vietnam, 4th R, at the Prime Minister’s Office in Hanoi, Vietnam, as they meet at a reception to celebrate the 25th anniversary of the opening of the diplomatic relations between Korea and Vietnam. (Photo: KB Financial Group)
Vietnamese Prime Minister Nguyen Xuan Phuc welcomed KB Kookmin Group Chairman Yoon Jong-Kyoo to mark the 25th anniversary of the establishment of diplomatic relations between their respective nations this year. Over time, Vietnam and Korea have developed a comprehensive strategy in the financial sector, with KB Kookmin Bank playing a key role.
At the reception, Nguyen Xuan Phuc called on KB Kookmin Bank to expand financial operations in Vietnam. The prime minister praised the Korean financial group for sharing experience in social housing development and for supporting startup movement in Vietnam. He also welcomed the financial group to join his government’s efforts in restructuring commercial banks, including privatizations.
COE Yoon expressed his wish to further expand investment in Vietnam, especially in such fields as banking, securities, insurance and social housing development. Yoon said the group expects to cooperate with competent agencies in Vietnam to organize a seminar to seek ways to boost social housing development for low-income earners.
Prime Minister Nguyen Xuan Phuc welcomed the group’s support of the movement for youth entrepreneurship and KB Kookmin will actively participate in the restructuring of commercial banks, it said, including the acquisition of banks in Vietnam. The prime minister said the market potential of Vietnam Bank Card is strong, saying that it is a promising sector for the group's investment.
He affirmed that the government of Vietnam will maintain macroeconomic stability, creating a favorable investment environment for foreign investors, including KB Kookmin. The group established a representative office in Ho Chi Minh City in 2007.
KB Kookmin is a leading conglomerate in Korea, involved in multidisciplinary activities in the fields of finance, banking, securities, insurance, asset management, consumer finance.
KB Kookmin Bank is heavily invested in the region. It signed a memorandum of understanding with Myanmar’s Construction Ministry and its state-run Construction and Housing Development Bank, KB Financial Group said Feb. 26.
Under the deal, KB Kookmin Bank plans to provide financial support to Myanmar’s plan to expand houses for its working-class population. KB Microfinance Myanmar Co., the local unit that’s owned 100 percent by KB Kookmin Bank, plans to offer loans to Myanmar’s people when they renovate or rebuild their homes, said Bae Jong-un, a KB Kookmin Bank official.
The South Korean bank also plans to cooperate with the Construction and Housing Development Bank to upgrade the network system in Myanmar’s state-run bank.
KB Kookmin Bank signed an MOU with the Korea International Cooperation Agency (KOICA) in Seoul regarding cooperation in supporting developing countries, including Myanmar.
Accordingly, KB will act as a financial advisor for a project feasibility evaluation and its competences in housing finance that will be applied to KOICA’s Saemaul Undong project, Korea’s new village movement model, and urban development projects.
Both parties will also cooperate in carrying out joint corporate social responsibility (CSR) activities including financial education for the rural areas where Saemaul village development projects are under way, overseen by KOICA. KB Kookmin Bank, South Koreas largest bank by asset value and market capitalization, has gone live with the Calypso system to support its capital markets business, including trading and risk management of derivatives, treasury, and collateral management.
The functionalities of the Calypso system range from deal capture, desk-level risk and processing (trade lifecycle workflows) to position and risk analysis. With the new platform, a total of 14 asset classes will be covered, such as FX cash and options, money market, fixed income, credit and interest derivatives, and collateral management.