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KB Kookmin Bank converts London unit into branch

South Korea-based KB Kookmin Bank completed the conversion of its London subsidiary into a branch May 17, FNTIMES reported May 18.

KB Kookmin Bank has been seeking to convert the U.K. unit, established in 1991, into a branch since 2016 to avoid lending restrictions.

As a branch, the London unit will be able to borrow from the parent bank and access outside financing more easily, the bank said.

The move follows a similar one in January 2017 when the lender turned a Hong Kong subsidiary into a branch.