South Korea’s major banks eye overseas expansion in 2022

State-run banks in South Korea are aiming for major overseas business expansions this year in preparation for the global economy’s return to normalcy from the pandemic. Korea Development Bank is likely to upgrade its current office in Frankfurt, Germany to a branch by the end of the year. Three out of the five major commercial banks in the country, namely, Woori, Shinhan, and Hana, also indicated their preference to establish European headquarters in Germany’s financial hub. The Export-Import Bank of Korea has been gearing up to establish its Singapore subsidiary. The Industrial Bank of Korea has been eyeing Poland for its next global destination. IBK has been reportedly preparing to enter Poland since 2018 as part of its overseas market expansion, but the plan has been delayed due to the COVID-19 pandemic.