South Korea's Busan Bank partners with SHB to expand presence in Vietnam

Under the MoU, Busan Bank and SHB will take full advantage of each bank’s potential customers, with SHB’s reputation, market position, and local insights, as well as the strong finances and extensive South Korean and global business network of Busan Bank and BNK Financial Group.

The two banks will explore potential investment opportunities with corporate bonds – especially green bonds distributed by SHB – to diversify revenue streams and provide more sustainable financial solutions for the customers of both sides.

In addition, Busan Bank and SHB will also focus on loans to corporate customers, investment banking deals, and related services. Busan Bank in particular and BNK Financial Group in general express keen interest in the possibility of syndicated loans for energy, agriculture, manufacturing, asset management, and more.

The tie-up promises to attract more capital from South Korea and other international markets.

Furthermore, as digital banking plays a pivotal role in both banks’ strategic goals, great emphasis will be placed on promoting digital banking initiatives related to information security, omnichannel sales, digital transaction counters, data warehousing, and enhanced customer experiences.

Ngo Thu Ha, CEO of SHB said, "Expanding our cooperation with Busan Bank – one of the most long-standing banks in South Korea – will help SHB to better serve South Korean investors and firms that are doing business in Vietnam. Signing this MoU demonstrates a new development mark, enhancing our competitive edge and reaffirming SHB’s reputation in both the domestic and international financial markets."

"We believe that with a long history and strong and stable financial potential, SHB and Busan Bank will share their experience and support each other in many respects to grow our corporate customer base, boost IT expertise, develop digital banking services, enhance competitiveness, and provide the customers of both sides with international-standard products and services," stated Ha.

In the same vein, Bang Seong-bin, chairman of the Board of Directors and CEO of Busan Bank added, "With our unwavering belief, SHB and Busan Bank will be able to handle all changes and become long-lasting business partners. Busan Bank will continue to expand its investment and support for both SHB and Vietnam."

South Korean companies are showing significant interest in Vietnam’s flourishing retail sector, seeking to seize opportunities presented by the nation’s robust economic growth and sizable working-age population.

The retail pharmaceutical landscape in Vietnam is poised for further heating up as Dongwha Pharm, a South Korean conglomerate, joins the fray.

LS C&S Asia, a cable manufacturer from South Korea, is partnering up with a state-owned enterprise in Vietnam and entering the nation's subsea cable market.