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Friday, Aug 19, 2022
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BBCN Expands Into Korea

Koreatown’s BBCN Bancorp Inc. announced Monday that it would be taking its business to Seoul, South Korea’s capital city. The company signed a memorandum of understanding with the city, affirming its plans to expand operations there and work to promote Seoul’s Yeouido International Financial District as an Asian financial hub.

“The signing of this cooperative MOU with the Mayor of Seoul is another step forward in our efforts to establish a presence in Korea,” said Kevin S. Kim, BBCN’s president and chief executive. “We believe BBCN is well positioned to serve the financial needs of Korean national companies with operations in the U.S.”

BBCN, which does business as BBCN Bank, is the largest Korean-American bank in the United States. It had $6.9 billion in assets under management as of June 30.

BBCN closed at $14.77 a share on Tuesday, down 1 percent on the day.

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