South Korean lender to enter Poland
South Korean second-biggest lender Shinhan Bank wants to start operations in Poland. It does not exclude the possibility of a takeover of one of Polish banks, according to BusinessKorea.
“The Polish authority gave us the green light at the end of April. Our office is scheduled to be set up either in the second or third quarter,” said Shinhan Bank CEO Suh Jin-won.
The reason for targeting Poland is the large number of South Korean manufacturers present in the country, the bank’s CEO said. The bank will launch operations through its Germany-based subsidiary.
“Via our Polish office, we can cover further grounds such as neighboring countries including the Czech Republic and Slovakia. In overseas expansion, we would like to build grounds where local corporations are present, and to further expand into retail. Once we operate the office in Poland and if deemed necessary, we will upgrade it into a branch,” he explained.
