Bank of Baroda enters into MoU with Korean KB Financial Group


Mumbai, Bank of Baroda, India’s leading public sector bank, has signed a Memorandum of Understanding (MoU) with KB Financial Group Inc (KBFG), Korea, for comprehensive business cooperation between the two organisations to establish In-Ko financing corridor and development of innovative digital payment eco-system. The MoU was signed during India-Korea Business Forum on July 9 by Bank of Baroda MD & CEO P S Jayakumar and KB Financial Group Chairman Dr Yoon Jong-kyu in the presence of Union Commerce & Industry Minister Suresh Prabhu. Speaking on the occasion Mr Jayakumar said, “Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating In-Ko corridor for providing reciprocal financial services to Corporate and Retail Clients of Bank of Baroda and KB Financial Group. We are committed to working jointly with KB Financial Group by leveraging the potential synergies generated between Bank of Baroda’s diverse domestic network and KB’s business relations with Korean Conglomerates.” In line with Prime Minister Narendra Modi’s vision of ‘Look East’ and ‘Digital India’, the proposed In-Ko corridor will have two legs -- . ‘Corporate Leg’ comprising Corporate Finance, Trade Finance, Correspondent banking relationship and establishing dedicated Korean Desk at Bank of Baroda in India. The ‘Retail Leg’ will include local currency accounts, remittance facilities, digital payment services and financial assistance for consumption and asset purchase, according to a release here today. KB Financial Group and its subsidiaries including KB Kookmin Bank (Korea’s number one Bank) and KB Kookmin Card Co. Ltd. provide a broad range of banking and related financial services to consumers and corporations primarily in Korea and in selected international markets including commercial banking operations, investment and securities operations and real estate finance operations.