The Bahrain Association of Banks (BAB) discussed with the Ambassador of the Republic of Korea to the Kingdom of Bahrain, H.E Hae Kwan Chung, the promoting of mutual cooperation in the field of financial and banking industry and to establish a common ground through which cooperation channels could be initiated between Bahraini financial and banking institutions and their counterparts in South Korea. This was discussed in a remote meeting, in which the Korean ambassador expressed his admiration for the progress of the financial and banking sector in Bahrain Delete this and his country’s endeavor to learn about this experience and discuss benefiting from it through collaboration with the Bahrain Association of Banks.
Mr. Adnan Yousif, Chairman of the Board of Directors of Bahrain Association of Banks (BAB), praised the keenness of the Ambassador, H.E Hae Kwan Chung, to promote several aspects of cooperation between the Kingdom of Bahrain and South Korea, pointing out that there is a lot of potentials for the development of economic cooperation between the two friendly countries, including cooperation in the banking and financial field. He stressed the association’s endeavors to sign MOU with its South Korean counterpart that opens a broader field for banks and financial institutions in the Kingdom of Bahrain and the Republic of South Korea for close joint cooperation that benefits both sides
“We want to upgrade the cooperation between the banking sectors in the two countries to the level of bilateral relations, especially since the Kingdom of Bahrain is linked to many economic agreements and MOUs with South Korea in the areas of trade, investment, industry, digital content, education, health insurance and others. Bahrain is also home to many Korean companies, and many Korean citizens work and reside in Bahrain, and the trade balance between the two countries continues to rise, reaching more than 174 million dinars in 2017, and there is also a branch of a Korean bank in Bahrain since 1977, which is KEB Hana Bank.” Mr. Adnan added. – there are two Korean Banks not just one
and there are also branches of a two Korean banks in Bahrain since 1977, which are Woori Bank and KEB Hana Bank.” Mr. Adnan added
Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks affirmed that the technical progress in both countries and their possession of an advanced infrastructure in the field of ICT, including the fifth-generation network, would provide a suitable base for thinking together about how the financial and banking industry could benefit from this progress, especially in the field of providing digital financial services, financial technology and electronic payment channels, in addition to benefiting from common experiences in the field of green loan, sustainable development, medical and technical research and others.
“By providing project financing services, the banks represent a basic pillar for promoting economic cooperation between the two friendly countries, in addition to encouraging joint investment and benefiting from South Korean progress in other sectors such as industry, transport, and communications.” Dr. Al Qassim concluded.