Jeonbuk Bids to Become South Korea’s Third Financial Hub

Jeonbuk financial hub ambitions are gaining momentum as major Korean lenders move to build asset management and capital markets operations in the province.

KB Financial Group said it will develop a KB Finance Town in Jeonbuk Innovation City, bringing together banking, securities, insurance and asset management with about 250 staff.

Shinhan Financial Group followed by naming Jeonbuk as its base for asset management and capital markets, targeting 300 professionals.

The province, about 200 km south of Seoul, hosts the National Pension Service headquarters, a key draw for financial firms.

Local officials have applied to the Financial Services Commission for designation of a 3.6-sq-km zone, with staged development proposed.