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BBVA gets nod to open branch in S.Korea

Source: Reuters - Wed 20th Jul 2011

Spain-based international financial group BBVA has received approval to open a branch in South Korea, the country's financial regulator said on Wednesday.

South Korea's Financial Services Commission (FSC) said in a statement that BBVA would focus on corporate lending and trade finance with operating funds of 3 billion Korean won.

BBVA will become the first Spanish bank to establish a branch in South Korea, FSS added.