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DGB Daegu Bank wins license to operate commercial bank in Cambodia

According to Yonhap News,

SEOUL, Oct. 8 (Yonhap) -- DGB Daegu Bank, a small South Korean bank, said Thursday that it has been granted a license to expand its banking businesses in Cambodia.

DGB Specialized Bank, a wholly owned subsidiary of DGB Daegu Bank, got the nod from the Cambodian authorities to operate as a commercial bank in the Southeast Asian country on Sept. 30.

Currently, DGB Specialized Bank is only allowed to extend loans to Cambodians.

DGB Specialized Bank will run operations for deposits, credit card issuance, foreign exchange and online banking in the first half of 2021, a DGB Daegu Bank official said.

In 2018, DGB Daegu Bank acquired a 100 percent stake in CamCapital Specialized Bank, which was later renamed as DGB Specialized Bank. DGB Daegu Bank's assets came to 4.9 trillion won (US$4.2 billion) as of the end of June.

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Source: Yonhap News (Oct 8, 2020)