"Bank of Baroda signed a Memorandum of Understanding (MoU) with KB Financial Group Inc (KBFG), Korea, for comprehensive business cooperation between the two organisations to establish In-Ko financing corridor and development of innovative digital payment eco-system," the bank said in a release.
"Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating In-Ko corridor for providing reciprocal financial services to corporate and retail Clients of Bank of Baroda and KB Financial Group," Jayakumar said in the statement.
He said the bank will work jointly with KB Financial Group by leveraging the potential synergies generated between Bank of Baroda's diverse domestic network and KB's business relations with Korean conglomerates.
In line with India's vision of look east and digital India, the proposed In-Ko corridor will have two legs-- corporate and retail. The former will be comprising of corporate finance, trade finance, correspondent banking relationship and establishing dedicated Korean desk at the bank.
KB Financial Group and its subsidiaries, including KB Kookmin Bank and,KB Kookmin Card Co Ltd, provide a broad range of banking and related financial services to consumers and corporations primarily in Korea.
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