Dec. 23, 2009 (China Knowledge) - Agricultural Bank of China has set up a representative office in Seoul, South Korea, and the opening ceremony was held yesterday.

The bank needed to set up a representative office to develop and maintain client relationships in South Korea, said an official of the bank.

ABC has built relationships with 18 Korean banks so far, and has developed deep cooperation covering international settlements and capital transactions. Last year, it managed US$17.1 billion worth of Korean business, of which trade settlements accounted for US$16.3 billion.

The bank has accelerated overseas expansion in recent years. It has branches in Hong Kong and Singapore, and its representative offices in New York, London and Tokyo will soon be upgraded to operational institutions. It launched its representative office in Frankfurt on Nov.18 and ABC Hong Kong International Holdings Co Ltd on Dec. 10. The Sydney representative office will be officially open in January next year.