South Korea’s financial services industry is looking to the international markets for expansion opportunities and has ambitions of creating financial institutions that can compete on a global level. While the country's conglomerates – or ‘chaebol’ as they are known locally – in the manufacturing industry have become internationally successful, the same cannot be said for the South Korean financial services industry.
“Korean conglomerates are already known to international consumers,” says Euh Yoon-Dae, chairman of KB Financial Group, who gives the examples of LG, Samsung and Hyundai.
