The Korea Development Bank is focusing on expanding its overseas business in strategic regions including Singapore, Hong Kong and London in its pursuit of renewed growth momentum.

As part of such efforts, the leading state-run bank has recently signed a memorandum of understanding with the Development Bank of Singapore, the biggest bank in Southeast Asia by assets, officials said.



DBS was selected by the Global Finance journal earlier this year as the 11th-safest bank in the world and the safest one in Asia. It has also been named by a Brand Finance report as Singapore’s top-ranking company in brand value for three consecutive years.

Under the MOU, KDB and DBS will cooperate in syndicated loans, project financing and corporate financing. The two sides also held a working-level meeting over project financing.

KDB, under chairman Hong Ky-ttack, has lately been vying for new overseas markets and thus new horizons for the domestic financial industry, officials said.

“The top-priority strategic areas are Singapore, Hong Kong and London, where the bank has already achieved over $60 million in profits so far this year,” said an official.

“It is the chairman’s belief, as well as the government’s policy, that the overseas expansion of policy financing organizations such as KDB will encourage other commercial banks to follow suit.”

By Bae Hyun-jung (tellme@heraldcorp.com)