Financial firms open more overseas units despite crisis

SEOUL, Nov. 8 (Yonhap) -- The number of South Korean financial companies'
overseas operations has increased this year from a year earlier despite the
global financial crisis, officials said Sunday.

South Korean banks and other financial companies had 312 overseas representative
offices, branches and subsidiaries as of the end of September, up 18 from the end
of last year, according to the Financial Supervisory Service
Banks had the largest number of 132 overseas operations, followed by securities
companies with 95 and insurance companies with 69. Wholly owned subsidiaries
numbered 111, with branches and representative offices reaching 67 and 134,
respectively.
Local financial companies have opened overseas operations mostly in China, India,
Vietnam and other Asian countries with huge growth potential, the watchdog said.
(END)