The Financial Services Commission of South Korea has given approval to China Everbright Bank to set up a branch in Seoul. The bank is a unit of the state-owned Everbright Group. There will now be 42 froeign banks operating in Seoul, including six Chinese banks. Everbright Bank is China’s 12th-largest bank, and the world’s 57th-biggest bank, with total assets of $447.3 billion as of end-2014. The bank, established in 1992, has three affiliates and 951 branches.
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