KEB gets nod to set up subsidiary in China

SEOUL, July 21 (Yonhap) -- Korea Exchange Bank (KEB), South Korea's No. 5 lender,
said Tuesday it has received approval from China's financial regulator to set up
a wholly owned subsidiary there in a move to expand its overseas network.

KEB, controlled by U.S. private equity fund Lone Star Funds, said it plans to
launch the locally incorporated unit with paid-in capital of 2.2 billion yuan
(US$322 million) in Tianjin, northeastern China, by January next year.
The lender's seven Chinese operations will be incorporated into the envisioned
subsidiary by the end of December, it said.
sooyeon@yna.co.kr
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