Shinhan Financial Group Co. Ltd. unit Shinhan Bank Co. Ltd. opened a branch in Mexico City on March 6, Yonhap News Agency reported.
The opening of the new branch follows the bank obtaining approval in December 2017 for the start of operations of Mexican subsidiary Banco Shinhan de México.
"Mexico is the most effective production center in Latin America with high growth potential," Shinhan Bank CEO Wi Sung-ho was quoted as saying. "We look highly on such potential and hope to contribute to the economic development of Mexico in cooperation with many South Korean companies."
The bank will initially focus on serving the hundreds of South Korean businesses that have a presence in Mexico before it begins catering to local companies in a few years, according to the report.
