IBK to open 2 branches in China next year

SEOUL, Nov. 27 (Yonhap) -- South Korea's state-run Industrial Bank of Korea (IBK)
plans to open two branches in China next year focusing on the corporate banking
business, according to remarks attributed to its chief on Friday.

"We plan to launch two more branches in Qingdao and Tianjin, China in around
January and February to strengthen the corporate banking business there," Yun
Yong-ro, chairman of IBK, said in a meeting with reporters held on Thursday.
Yun said there is the need to sharpen its competitive edge in China where many
Korean companies are running their operations. IBK caters mainly to small and
medium enterprises.
Meanwhile, he forecast that the bank's net income will likely reach the 700
billion won (US$601 million) range this year, a similar level to that seen last
year.
IBK, which is 57.7 percent owned by the government, posted a net profit of 219.5
billion won in the third quarter, up 52.1 percent from a year earlier on
increased interest income.
sooyeon@yna.co.kr
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