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March 29, 2024

KB Financial to tap Cambodian car finance market

PUBLISHED : September 06, 2018 - 14:54

UPDATED : September 06, 2018 - 14:54

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[THE INVESTOR] KB Financial Group said on Sept. 6 its credit card arm will foray into Cambodia’s auto finance market as part of group efforts to tap dipper into the Southeast Asian country.

KB Kookmin Card officially launched KB Daehan Specialized Bank, its first overseas subsidiary, in Phnom Penh, said KB Financial, a major financial holding company in Korea.


The bank, which KB Kookmin Card acquired jointly with Southeast Asia-based Korean auto-motorcycle manufacturer LVMC Holdings in April, will engage in financing for LVMC vehicles and provide property-backed loans.

Starting next year, KB Daehan Specialized Bank will begin the debit card business for customers of KB Kookmin Bank’s wholly owned subsidiary in Cambodia, Kookmin Bank Cambodia.

In the mid- and long-term, KB Daehan Specialized Bank will expand into credit card and unsecured loan services, the financial holding company added.

“We expect KB Daehan Specialized Bank and Kookmin Bank Cambodia to join forces to provide local customers with a range of financial services, such as banking, consumer finance and card products,” a KB Financial official said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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