[Welcome Financial Group]
SEOUL -- Welcome Financial Group, a retail financial group in South Korea, seeks to expand its business in Southeast Asia if the central bank of the Philippines approves the acquisition of Smart Bank based in Muntinlupa.
Welcome Financial set up a joint venture with a local partner in November to acquire Smart Bank. Approval from the central bank of the Philippines has yet to come. The South Korean group owns 60 percent of the joint venture, but financial and other terms were not given.
"We are conducting a survey for further investment in the Southeast Asian market," a group official said. With additional investment, Welcome Financial plans to expand its capital base in Smart Bank and improve its sales network.
Welcome Financial established a finance company in the Philippines in 2014 to offer microfinance and auto finance services in major cities. The finance company expects synergy with Smart Bank.
reporter
Lim Chang-won
cwlim34@ajunews.com
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