December 04, 2024

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KB Kookmin Bank officials pose for a photo at the opening ceremony of the bank's Pune branch on Wednesday. (KB Kookmin Bank)

KB Kookmin Bank said on Sunday that services will begin on Monday at its new branches in Chennai and Pune as the Korean bank seeks to expand its footing in the Indian market.

Chennai, the largest city in southern India, serves as a major commercial and manufacturing hub, while Pune, in India’s western coastal region, is an emerging center for cutting-edge industries such as information technology and biotechnology.

Including its Gurugram branch, which opened in 2019, KB Kookmin Bank now has three branches in India. The expansion was given approval by the Reserve Bank of India just four months ago, as the Korean bank aims to strengthen its presence in the country.

The new branches in Chennai and Pune will offer a range of services, including lending, deposits, export-import financial services, as well as general and digital banking services for individual customers. Together with its existing branch, KB Kookmin Bank said it plans to provide financial solutions tailored to each Indian client’s needs.

“We will make efforts to meet the financial needs of Chennai and Pune. Given the immense potential of the Indian market, we hope to become a trusted financial partner for our customers,” said a KB Kookmin Bank official.

The launch of additional locations comes as South Korea and India are bolstering their economic cooperation. According to the Korea International Trade Association, Korea’s exports to India reached $18.9 billion in 2022, up from $15.6 billion in 2021.

By Park Min-ha (en23mp@heraldcorp.com)