South Korea’s major commercial bank Shinhan Bank said on Thursday it has relocated headquarters office of its Cambodian operation to Kampuchea Krom in the capital city of Phnom Penh for more efficient business and enhanced brand image.

Kampuchea Krom is a major commercial and financial district, home for multinationals.

The Korean bank also changed the bank’s name from Shinhan Khmer Bank to Shinhan Cambodia Bank to gear up for more active penetration through localized staffing and services.

Shinhan Bank which entered the market in 2007 operates five branches with 120 staffs in Cambodia.

About 500 Korean companies have made inroads into the country to benefit from its lower labor costs and loose barriers for foreign capital. KB Kookmin Bank runs four branches in the Southeast Asian country, and Korea’s state-run Industrial Bank of Korea also has been cleared from the National Bank of Cambodia to launch commercial banking business in Phnom Penh.

By Roh Seung Hwan and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]