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BoB, Korea's KB Financial Group ink MoU to set up financing corridor

Press Trust of India  |  New Delhi 

of Baroda today said it has inked an agreement with South Korea's KB Financial Group to set-up financing corridor and development of digital payment ecosystem.

"of Baroda signed a Memorandum of Understanding (MoU) with (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 said in a release.

The MoU was inked on July 9 during India-Business Forum. It was inked between MD & P S Jayakumar and Chairman, KB Financial Group.

"Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in and creating In-Ko corridor for providing reciprocal 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 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, relationship and establishing dedicated Korean desk at the bank.

The will include local currency accounts, remittance facilities, and financial assistance for consumption and asset purchase.

KB Financial Group and its subsidiaries, including and,Co Ltd, provide a broad range of and related to consumers and corporations primarily in

It also caters to selected international markets in services like commercial operations, and securities operations, and operations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 18:50 IST