Bank of Baroda is forging a joint venture with South Korea’s KB Financial Group to develop an innovative payments business. The bank is also proposing to set up a Korean desk for meeting financing requirements of South Korean firms operating in India. Under the JV, the bank will also issue new branded cards. P.S. Jayakumar, MD and CEO of Bank of Baroda, said this is in line with Prime Minister Narendra Modi’s Look East policy. The bank intends to provide its services to around 10,000 Korean individuals and fund the requirements of around 500 Korean corporates operating in India. Jayakumar said the deal combines the strengths of Bank of Baroda local knowledge and distribution, with KB Fin Group’s technology, analytics and Korean relationships for the benefit of expanding business and mutual knowledge transfer. Joon Kyoo Yoon, chairman of KB Financial Group, said his institution has got a preliminary approval for opening a branch. The JV, he hoped, would help the company to start its operations by February 2019, he added.
