KOREA FIRST BANK PLANS CHINA VENTURE

KOREA FIRST BANK PLANS CHINA VENTURE

Korea First Bank opened a representative office here and said it will set up a joint venture in conjunction with Industrial and Commercial Bank of China.

Rhee Chul-soo, president of the South Korea bank, said the move is designed to meet demand caused by rapid expansion of South Korean companies in China and burgeoning bilateral trade. Trade is expected to hit US$10 billion this year, against last year's US$8.2 billion.