Spain's Banco Bilbao allowed to open Seoul branch

South Korea's financial watchdog said Wednesday that it gave the green light to Spanish lender Banco Bilbao Vizcaya Argentaria S.A. to establish a branch in Seoul.

The branch, scheduled to start operation in September, will have an initial operating fund of 3 billion won or US$284,000 and focus on corporate lending and trade financing, the Financial Services Commission said.

The full story is available at Yonhap News.