Rizal Commercial Banking Corp. (RCBC) has partnered with KB Kookmin Bank Korea, which will provide banking services and financial information assistance to Korean and Philippine firms.
In a statement sent to reporters, the Yuchengco-led RCBC said it signed a business cooperation agreement with Kookmin Bank last Sept. 20 to “provide high-quality financial services to corporate customers of both countries by adopting customer tie-up program.”
“This business cooperation will provide high-quality products and services to corporate customers of both banks,” the statement read.
According to the agreement, both banks will establish “mutual cooperation for maintaining and increasing corporate customer base,” among others.
Kookmin Bank is the leading commercial bank in South Korea in asset terms. Founded in 1963, Kookmin Bank has 23 global networks in 10 countries, including branches in New York, Tokyo, Beijing and Hong Kong. However, the Korean lender has no presence in the country.
RCBC has a “strong and long-established relationship” with South Korean firms since it started deals with Korean garment and shoe companies in Bataan in late-1970s.
In 2014, the local lender established the Korean Business Relationship Office as more Korean firms wish to expand their businesses in the Philippines.
Aside from its tie-up with the Korean bank, RCBC also partnered with Japanese regional banks Kansai Urban Banking Corp. and Minato Bank in May to help small and mid-size Japanese firms penetrate the domestic market.
RCBC posted a P2.2-billion net income in the first half of the year, down 6.4% from the P2.35 billion logged a year ago due to lower trading gains.
Re-disseminated by The Asian Banker from Businessworldonline.com