Hot Competition of Two Major Local Banks
Hot competition to be the leading bank has begun again between two major local banks, Busan Bank and Kyongnam Bank, to dominate the economic zone in southeastern Korea. Kyongnam Bank recently revealed its business vision to the public. It will enlarge its total asset volume to 50 trillion won by the year 2010, three times its current asset volume. According to the roadmap, it plans to increase its number of branches to 300 branches in the southeastern region.
According to a source, Kyongnam Bank followed its two local competitors, Busan Bank and Daegu Bank, in terms of asset volume by reaching total assets of 17 trillion won. Now there will be a more competitive race than before among the three banks. To become a major bank, Kyongnam will employ 200 bankers in the second half with a goal of aggressive business strategies.
Busan Bank is also accelerating its business by opening its new Ulsan Hogye Branch, where Kyongnam Bank has been dominant in the region. Busan Bank created a new motto, “Pivotal Bank of the Southeast Province.” As a first phase, it has already opened six new branches in Jinhae Yongwon, Ulsan Chonha-dong, and Seochang. According to a source from Busan Bank, it has previously focused on the Ulsan area because major heavy industrial companies are there such as Hyundai Heavy Industries, Hyundai Mipo Shipping, and affiliates of other domestic conglomerates.
The source said, “We have already contracted with the major companies and we plan to open six more branches by the end of this year.” He added there will be a total of 15 branches in Ulsan by the year 2008. Currently, Ulsan has already become a battle ground for the two local banks that wish to dominate southeastern Korea.
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 / 입력시간: 2006. 09.27. 09:23
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