KB, Shinhan, and Woori Financial Groups are making significant investments to establish a financial infrastructure in the Jeonbuk region, including banks, insurance, and asset management.
KB, Shinhan, and Woori Financial Groups have announced plans to build financial infrastructure in the Jeonbuk region, specifically in Jeonju. Woori Financial is set to focus on expanding its workforce, from 200 to over 300 employees in the area, and plans to open an office for Woori Asset Management. This initiative also includes establishing a specialized corporate finance channel called the Jeonbuk BIZ Prime Center to support the development of high-tech strategic industries in the region. Additionally, local marketing efforts will be enhanced by hiring local professionals in affiliation with Dongyang Life and ABL Life.
On September 24, Shinhan Financial held the launch ceremony for the 'Shinhan Financial Hub in Jeonbuk Innovation City.' This hub will consolidate key subsidiaries and functions related to capital markets and asset management, indicating a broader move by financial institutions to develop a specialized financial city in Jeonbuk. Shinhan Asset Management, notably, opened its office in Jeonju, becoming the first comprehensive asset management firm to do so in the region.
Kim Seong-joo, the Director of the National Pension Service, commented on these developments, stating that the establishment of such financial groups in Jeonbuk signals the region's growth as a specialized financial city for asset management. This collaboration among major financial players reflects a strategic shift towards enhancing local economic capabilities and infrastructure, potentially making Jeonbuk a hub for financial activities in South Korea.
