The Industrial Bank of Korea (IBK) - or Industrial Bank of Korea - is scheduled to open in the Sky Tower in the near future. The establishment of IBK's Polish office - as part of its overseas expansion into the European market - had been planned for several months. In February 2023, The Korea Herald wrote about it.
Industrial Bank of Korea in Wroclaw
Importantly, the company had already applied for approval of a license for the Polish office to Korean financial regulators on January 24.
The establishment of a polish office, which has been delayed due to the COVID-19 pandemic and the crisis in Ukraine, is one of the priority items under IBK Chairman Kim Seong-Tae's strategy to strengthen global business competitiveness
The Korea Herald
"The Korea Herald," citing an Industrial Bank of Korea official, stresses that the Wroclaw branch is IBK's first overseas investment since President Kim Seong-Tae took office.
- In order to facilitate smooth work such as meetings with regulators and consultations with companies entering the market, the IBK board member in charge of the company's global business visited Poland in person, reports The Korea Herald.
Wroclaw on list of largest Korean investments in Europe
Industrial Bank of Korea chose Wroclaw because, as the Koreans point out, the city is the largest industrial and logistics center in southern Poland. What's important for Industrial Bank of Korea is that Wroclaw is a new hub for electric vehicle battery production in Europe, and Korean companies such as LG Energy Solution and SK Innovation are here.
In April 2023, we wrote on wroclaw.pl that South Korea's largest logistics company, opened a regional office in Wroclaw.
LG Energy Solution is expanding near Wroclaw
Wroclaw and the Wroclaw metropolitan area have had strong business ties with South Korea for years, thanks to the investment of LG Energy Solution Wroclaw. Recall that a partnership agreement between Wroclaw and Cheongju was signed on April 13 this year. The LG Energy Solution Wrocław concern originates from this city.
Every year, batteries for about 700,000 electric cars leave the LG Energy Solution factory near Wroclaw. All indications are that soon there will be as many as one million a year.
Korean banks in Wroclaw: Industrial Bank of Korea and Shinhan Bank Europe GmbH
Industrial Bank of Korea is another Korean bank that is investing in Wroclaw. In 2014, we wrote on wroclaw.pl about the opening of Shinhan Bank Europe GmbH in the Raclawicka Center office building on Skarbowcow Street. This was the third European branch of this bank after London and Frankfort.
During the opening, it was emphasized that Shinhan Bank Europe GmbH, among other things, monitors the largest Korean investments in this part of Europe, lent by Shinhan Bank.
Shinhan Bank is one of the largest banks in South Korea. It offers its services to both individual customers and companies. It also engages in investment, brokerage and insurance activities. With nearly a thousand branches, it is one of the largest banks in Korea. It also has branches in Canada, Germany, Mexico, China, Kazakhstan, Cambodia, Japan, the United Kingdom, India, the United Cities, Singapore, Hong Kong and Vietnam.