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ROK Bank Opens Branch in Shanghai
The Hana Bank, one of the major financial institutions of the Republic of Korea (ROK), opened a branch in Pudong on November 23, an emerging financial and trade zone set up in the early 1990s in Shanghai.
Seung Yu Kim, president and chief executive of Hana Bank, said the bank has a lot of confidence in the Chinese economy and that the branch will act as a base for its China business.
According to Kim, the branch will mainly serve ROK and other foreign businesses in China.
Kim said that Hana plans to set up branches in other major Chinese cities like Qingdao and Shenzhen as well.
He also said that he expected his bank to be permitted to do renminbi (Chinese yuan) business soon.
More Overseas Banks in Pudong
Pudong has drawn an increasing number of overseas banks as China quickens its pace to enter the World Trade Organization.
Official statistics indicate that 47 overseas financial institutions have already opened subsidiaries in Pudong.
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