[Photo provided by KB Financial Group]
Korea’s KB Asset Management Co. opened a local entity in Shanghai to explore more business opportunities in China under parent KB Financial Group’s global campaign.
The Korean asset manager’s new Shanghai office will primarily serve as a research center for studying investment opportunities in China in cooperation with other research teams of its affiliates including KB Kookmin Bank and KB Securities, the company said Wednesday.
The Korean asset manager has turned aggressive upon Beijing’s pledge to widen the financial market to foreign capital, said a KB Financial Group official.
The latest move is in line with its parent company KB Financial Group`s global expansion drive. Last year, its asset management unit set up a subsidiary in Singapore and its securities arm is operating offices in the U.S. and Asia. KB Insurance also runs a business in various markets in Asia including China, Vietnam, and China as well as the U.S. The conglomerate’s credit card service unit and capital investment company have offices in Southeast Asia.
KB Financial Group Chairman Yoon Jong-kyoo upon earning his second term in November last year vowed to actively explore new business opportunities overseas and strengthen presence in the global market.
By Kim Tae-sung and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]