Shinhan Bank eyes expansion in Asian countries: chief

SEOUL, May 28 (Yonhap) -- The chief of Shinhan Bank, South Korea's No. 3 lender, on Saturday reiterated the bank's push to expand into Southeastern Asian countries in an effort to boost its revenue sources.
"I believe that Shinhan Bank could have competitive edges in China, Japan and Vietnam, into which the bank has made inroads relatively earlier," Suh Jin-won, president of Shinhan Bank, told reporters.
"If we are able to do the current credit card business well in Vietnam, we could get an explosive boost from it. ... We are considering expanding our presence in emerging countries. We are open to various options, including takeovers."
Suh earlier said the bank plans to make forays into one or two countries in Asia this year as the local banking markets have almost been saturated. Indonesia and Malaysia are among potential options.
Shinhan plans to increase the portion of income generated from its overseas operations to around 10 percent of its total earnings by 2015, up from the current 3 percent.
Meanwhile, Suh added his bank is doing its best to find solutions for troubled builder Dongyang Engineering & Construction Corp. that minimize economic burdens as much as possible.
Shinhan Bank is the main creditor bank for Dongyang Engineering & Construction and Sambu Construction Co., which filed for court receivership in April due to financial difficulties stemming from prolonged slumps in the property market.
The court has delayed its decision to approve the receivership of Dongyang Engineering & Construction, saying that there is the need for the company to further consult with Shinhan Bank over financial support.