Success Stories

Korea Exchange Bank opens Branch in Richmond, British Columbia

Korea Exchange Bank opens Branch in Richmond, British Columbia


In October 2014, the Korea Exchange Bank of Canada announced the opening of its fourth British Columbia branch, located in the city of Richmond.

B.C. offers a strong international financial services sector. With proximity to the United States and Asian markets, the province’s financial services sector benefits from Canada’s resilient and well-regulated financial system, and offers expertise in commodities and global trade finance, as well as asset and wealth management services.

With highly favourable tax treatment, more than 100,000 finance professionals, and a multilingual labour force, B.C. is a location of choice for leading financial institutions. HSBC Bank, J.P. Morgan, Agricultural Bank of China and State Bank of India also have operations in the province.

The Richmond branch is the Korea Exchange Bank’s (KEB’s) fourth location in British Columbia and is strategically located to help expand the bank’s client base to include local Chinese-Canadians. Richmond has the one of the highest immigrant populations in Canada, with 50 per cent of its residents identifying as Chinese. The branch’s 10 employees were all hired locally, and the bank will offer financial products and services tailored to the needs of Chinese-Canadians.
 
At the branch’s official opening in October 2014, KEB President Kim Han-jo said, “The opening of the Vancouver Richmond Branch of Korea Exchange Bank of Canada will strengthen the position of KEB as a global business leader and provide essential momentum toward further expanding our business base to include other local customers.”

A key driver behind the bank’s decision to open a new branch in B.C. was the work done by the province’s Trade and Investment Representative (TIR) in South Korea, and by AdvantageBC, a not-for-profit organization that promotes the province as a destination for investment. The TIR and representatives of Advantage BC paid a visit to KEB headquarters in Seoul in 2013 to promote British Columbia as a location of choice and to introduce the bank to the province’s International Business Activity (IBA) program, which offers offers tax incentives to eligible international businesses wishing to do business in the province.

By locating an international business in British Columbia and registering in the province's IBA program, participants, including foreign banks operating in Canada, can receive up to a full refund on provincial income taxes for a range of qualifying business activities including financial investments, administrative support functions, financial advice and research, foreign exchange, leasing, factoring receivables and more, incurring only the federal corporate income tax. Although KEB had already opened branches in B.C., they’d been unaware of the IBA program. Learning about the benefits of the program was an additional incentive for KEB to expand operations in the province.

With 11 Trade and Investment Representative offices worldwide, the Ministry of International Trade helps international businesses like KEB discover the benefits of British Columbia as a destination for investment, a partner for trade and innovation, and a source of quality goods, services and resources. The ministry also helps British Columbia businesses contact potential buyers, investors, and other key partners in global markets. Contact the MIT team today.

email     Facebook   Twitter   LinkedIn   Digg

< Back to Success Stories
 

Community Profile: Richmond

Lower Mainland/Southwest
Greater Vancouver

Richmond, BC is a top investment destination on Canada's West Coast – here are the top 5 reasons why: • Location & logistics infrastructure provide direct access to global markets • Recent developments and major projects have catalyzed growth and investment • The community and business base are growing • City policies have been developed in support of a resilient economy

Statistics
Total Population 198,309
Median Household Income $65,241 ($CDN)
Closest Commercial Airport Vancouver International Airport (6km)
Closest Ocean Port Port Metro Vancouver (16km)
Closest Major Centre Vancouver (12km)
View Community Profile
Recent opportunities in the area

Alran-cross-laminated-timber

Vancouver, BC
A small business manufacturing opportunity in Cross Laminated Timber or “CLT”, a cost-competitive, strong, light, multi-layer, wood building panel system, the preferable sustainable building material of the 21st century. CLT demand is estimated to grow to 1.2 to 3.6 million m3/yr. at 5 to 15% market... continue

Very Popular Patisserie/Bakery is a business for sale in BC.

Very Popular Patisserie/Bakery

Richmond, Richmond, BC
HistoryThe patisserie/bakery opened in 2010 and has established itself as a@firm favourite in a historic and unique part of Richmond.@The patisserie sells exceptional quality products in an inviting European style environment that can boast a large and loyal customer base.Business and Sale Informati... continue

4651 No. 3 Road is a commercial real estate opportunity in BC.

4651 No. 3 Road

4651 No. 3 Road, Richmond, BC, V6X 2C4
4651 & 4671 No. 3 Road is located in the heart of Richmond’s City Centre. The site is prominently positioned along No. 3 Road, one of Richmond’s major north-south retail arterials, featuring exposure to over 32,000 vehicles per day and located within 500 metres of two major Canada Line stations. Nei... continue