S.Korea approves China Everbright Bank's operation in Seoul

SEOUL - South Korea's financial regulator on Wednesday approved the banking operations of China Everbright Bank, a unit of the state-owned Everbright Group.

The Financial Services Commission (FSC) said in a statement that it gave a nod to Everbright Bank's establishment of its branch in Seoul.

The approval raised the number of foreign banks operating in Seoul from 41 to 42, among which six are Chinese banks including the Bank of China, Industrial and Commercial Bank of China, Construction Bank of China, Bank of Communications and Agricultural Bank of China.

The latest green light among Chinese banks was given to the Agricultural Bank of China, which was approved by the regulator to set up its Seoul branch in November 2011.

The Everbright Bank, set to launch its banking business in the first half of next year, is China's 12th-largest bank, and the world's 57th-biggest bank, with total assets of 447.3 billion U.S. dollars as of end-2014, the FSC said.

The bank, established in 1992, has three affiliates and 951 branches.