KOREAN BANK OPENS IN SYDNEY

The Korea Development Bank (KDB) has opened its first Australian office in Sydney today.

As Korea’s representative state-run financial institution responsible for policy-based financing, the bank will be providing financial advisory services to Korean companies looking to invest in Sydney.

The bank’s Sydney office is also expected to focus on infrastructure construction projects as well as opportunities presented through privatisation of NSW Government assets.

KDB has participated in the privatisation of Port Botany and has indicated it is looking at other projects, including electricity.

Minister for Trade, Tourism and Major Events Stuart Ayres said the bank’s choice of Sydney reflects the city’s reputation in the global financial sector.

“For a bank such as KDB to open its first Australian office in Sydney is a ringing endorsement of the city’s standing as Australia’s financial centre,” Mr Ayres said.

“KDB has also indicated its keen interest in the Global Infrastructure Hub based in Sydney, showing how the Hub and our expertise in infrastructure is cementing our global reputation.”

Heui-Kyoung Ryu, Vice Chairman of KDB, who is in Sydney to attend the opening of the office, said Sydney was a clear choice for KDB.

“KDB believes Sydney is the financial capital of Australia. Most of the major investment decisions are made in Sydney, so Sydney would be the best city for KDB to collect and share useful information with our current and newly built network,” Mr Ryu said.