KB Kookmin Card held an opening ceremony for KB special bank Sensok Branch, its first overseas branch in Phnom Penh, Cambodia, on Feb. 10 to pave the way for the full-fledged expansion of its global territory and become Cambodia’s No. 1 special bank.
In addition to KB Kookmin Card CEO Lee Dong-cheol, major Cambodian partners and financial authorities, including Chairman Oh Se-young of the LVMC Holdings and H.E. Rath Sovannorak, director of bank supervision at the Central Bank of Cambodia, attended the opening event.
Following the opening of its first overseas branch, PT Financial Multi-Finance, a mid-sized Indonesian credit finance company that KB Kookmin signed an acquisition deal at the end of last year, will likely add momentum to the company’s move to expand its overseas assets and expand its global territory in Southeast Asia, a company spokesman said.
The Sensok area, where the branch is located, is a new city of middle-class residents located northwest of the capital Phnom Penh. A number of new and medium-sized car dealers are operating around a large shopping mall nearby so that it provides an optimal operating infrastructure to expand car installment financing.
It also considered that Cambodia needs a face-to-face, offline business channel to enhance its operating capacity and ensure stable growth due to a lack of joint financial networks and non-face authentication infrastructure despite its high economic growth and sustained financial market growth trends.
At the new branch, KB Kookmin Card will conduct business activities in all possible sectors, including real estate mortgage loans and installment financing for new and medium-sized cars, which were previously carried out at the headquarters of a local corporation in Cambodia, as well as credit card services to be launched soon.
Following the opening of the Sensok Branch, KB Kookmin Card plans to expand its business network, including one in the capital city of Phnom Penh and other major Cambodian strongholds, by taking into account the growth of local corporations and overall conditions.
Meanwhile, KB Kookmin Card will have a total of four overseas sales infrastructures in three countries (Cambodia, Laos, and Myanmar), including two local companies, one branch, and one representative office.