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KDB Aims to Become Regional Lead Bank
December 20, 2004
The state-run Korea Development Bank is aiming to become a leading Northeast Asian bank by 2011, playing a great role in transforming Korea into an Asian financial hub.
It plans to provide major financial services such as corporate banking, investment banking, global banking, corporate restructuring and consulting to domestic clients and target customers in Asia and Eastern Europe.
"Our goal is to become a leading bank in the Northeast Asian region by fully incorporating global standards and rising among the ranks of international top-tier investment banks," said KDB Gov. Yoo Ji-chang.
From 2003 to 2005, Korea Development Bank plans to emerge as Korea's premier corporate financial bank. It will complete the infrastructure for providing universal banking services by reinforcing its investment banking capabilities and utilizing its strengths in corporate banking, as well as developing both corporate restructuring and consulting as core businesses.
From 2006 to 2011, Korea Development Bank seeks to be reborn as a leading bank in Asia. It will provide core business services to domestic firms seeking to expand into the international market, as well as emerging market customers in Asia and Eastern Europe.
The bank reported a profit of 168.6 billion won in the first half this year, making a big turnaround from a 392.3 billion won deficit from a year ago. It expects to easily meet its profit target of 200 billion won for this year.
This year, the bank is focusing on strengthening its expertise in corporate banking to stimulate the economy and promoting next-generation industries and a knowledge-based economy to expand Korea's growth potential and industrial competitiveness.
It will also support regionally specialized industries in pursuit of balanced regional economic development, build the necessary infrastructure for Korea's emergence as a Northeast Asian business hub and in preparation for economic cooperation with North Korea, and pursue cost reduction through diversification of funding channels.
At the same time, Korea Development Bank plans to continue to incorporate innovation and a customer-oriented culture in improving its management and administrative systems, led by a motivated and talented team of more than 2,000 staff members around the globe.
To cope with a challenging environment, Korea Development Bank is making best efforts to improve its financial statements to the level of global institutions and enforce global standards in all sectors, including its core businesses, business culture, and employee mentality.
With its strengths in corporate banking and accumulated know-how, the bank possesses strong business capabilities in the areas of investment banking and global banking.
Also, the bank will expand its scope of business through strategic alliances and foreign networks.
Through these stages, Korea Development Bank plans to better provide all of its potential customers with global universal banking services in the target market areas, including Northeast Asia.
To globalize its core businesses, Korea Development Bank will explore new markets in Asia and Eastern Europe for new business opportunities in its core businesses, ness, including corporate restructuring, project finance, and mergers and acquisitions. For this purpose, the bank will localize these businesses and branch out into these areas through strategic alliances, mergers and acquisitions.
Established in 1954, the Korea Development Bank's primary purpose is to facilitate financing for major industrial projects to aid industrial development and national economic expansion.
The bank has evolved in its role and function from an institution specializing in development financing in the 1950-60s to long-term facilities financing in the 1970-80s, and to investment and corporate banking in the 1990s. Since the financial crisis, Korea Development Bank has also led efforts to implement corporate restructuring and to stabilize the domestic financial market.