Industrial Bank of Korea goes all in with Eastern Europe push

Industrial Bank of Korea (IBK) will open an office in Poland in the first half of this year, with analysts saying the bank's president Kim Seong-tae, who took office last month, eyeing an advance into Eastern Europe to strengthen IBK's global operations.

IBK on Sunday said it submitted an application on Jan. 24 to open a Polish office to the Polish Financial Supervisory Authority.

"This entry into Poland is the bank's first overseas project since President Kim took office," an IBK source said. "We plan to open the office in the first half of this year."

In its overseas network, IBK has locally incorporated companies in China, Indonesia, and Myanmar, nine branches and one office.

IBK selected Poland as its new strategic base in Europe after considering entering the country. Wroclaw, the largest industrial city and logistics hub of southern Poland and the site of the forthcoming IBK office, is near Germany, the Czech Republic and Hungary.

The city and vicinity are a European hub for the production of electric vehicle batteries, with Korean companies such as LG Energy Solution Ltd. and SK Innovation Co. also pursuing opportunities in the market.

Write to Sang-Yong Park at yourpencil@hankyung.com