Strong economy attracts Korean bank to B.C.
A leading Korean bank has established its first Western Canadian branch in Metro Vancouver, demonstrating the financial sector’s confidence in British Columbia’s strong economy.
Shinhan Bank, a large-scale Korean financial institution with operations in key markets around the world, opened its newest branch in Coquitlam, British Columbia – its first location in Western Canada. The opening of the B.C. bank branch reflects the strong business ties British Columbia has developed with South Korea over the past few years. The bank’s three other Canadian locations are all in Ontario.
Shinhan Bank has been steadily building its global network of branches with operations in the U.S., U.K., Europe, Japan, India and Singapore.
Over the past few years, British Columbia’s trade and investment team in Korea and executives from Advantage BC, an organization that works to attract international business to British Columbia, had several meetings with senior members from Shinhan Bank to highlight B.C.’s strength as an investment location. These discussions focused on British Columbia’s competitive tax rate, strong economy and strategic location on Canada’s Pacific Coast.
B.C.’s strong business ties with South Korea were also highlighted during these meetings. These ties were strengthened by the signing of the Canada-South Korea Free Trade agreement (CKFTA) which came into effect in January 2015. The agreement was especially significant for British Columbia since half of Canada's exports to South Korea originate from B.C. British Columbia’s technology sector also offers significant investment and trade opportunities for South Korea, a recognized world leader in technology and innovation. Samsung Electronics has established a research facility in Burnaby, and Korean-based Netmarble, a leading gaming company, acquired Kabam, an interactive entertainment company with a large studio in Vancouver.
The British Columbia Premier’s trade mission to Korea in May 2016 further expanded and strengthened business relationships between B.C. and South Korea. During the mission, the Premier met with a representative from Shinhan Bank’s Global Business Development team, and promoted business partnerships between B.C. and Korea in key economic sectors, including natural resources and technology. The Premier also hosted the BC Tech Investment Seminar in Seoul, which attracted several leading Korean technology companies and investors.
To learn more about the advantages of investing in British Columbia, contact our international Trade and Investment Representatives.
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