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Korea Exchange Bank (004940) will increase profit from overseas business by tapping East Asia, the U.S. and South American markets as the Seoul-based lender seeks growth beyond a saturated domestic market.
The bank targets about 15 percent of earnings from abroad, up from about 10 percent now, Chief Executive Officer Yun Yong Ro told reporters today. The bank may pursue takeovers or use its overseas units for the expansion, the CEO said.
Yun was appointed last month after Hana Financial Group Inc. (086790) bought the bank from Lone Star Funds and Export Import Bank of Korea.
To contact the reporter on this story: Seonjin Cha in Seoul at email@example.com
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