LOS ANGELES, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Following receipt of regulatory approval from the Financial Services Commission in Korea, BBCN Bancorp, Inc. (Nasdaq:BBCN) today announced the opening of BBCN Bank's representative office in Seoul.
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"BBCN is the first and only Korean-American bank to have established presence in the native country, and this opening marks a new page in the history of our niche industry," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp. "As the premier Korean-American bank in the nation with the greatest lending capacity, BBCN has been the leader in our market in serving the banking needs of the operating entities of Korea-based companies. The U.S. is a key market for a rising number of small and midsize companies in Korea that are going international, and the U.S.-Korea free trade agreement has opened the doors for U.S. businesses to expand their operations into Korea. BBCN's Seoul representative office signals our commitment to serving the banking needs of businesses engaged in trade between the two nations. We look forward to making more constructive contributions through our presence on the ground, which will enable us to closely liaise and build relationships with local and global clients in the U.S. and in Korea."
To commemorate the historic opening, BBCN hosted an opening reception in Seoul on November 24, 2014. Attending guests included City of Los Angeles Mayor Eric Garcetti and Mayor of Seoul Metropolitan Government Won-Sook Park, as well as other important government officials and business leaders from Los Angeles and Korea.
BBCN appointed Stephen Joonwon Suh to head its Seoul representative office, located in the Yeouido International Financial District. Suh brings more than 10 years of professional experience in investment management and corporate finance, with a strong focus in the financial institutions sector. He will be responsible for establishing relationships with and facilitating the banking needs of Korean companies seeking to expand into the United States, providing domestic businesses with a point of contact in Korea and assisting with the longer term goal of opening a full service branch.
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.9 billion in assets as of September 30, 2014. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 50 branches in California, New York, New Jersey, Illinois, Washington and Virginia; six loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California and Annandale, Virginia; and a representative office in Seoul, Korea. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
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