Expats Emerge as Blue Ocean for Local Banks

With the aftershock of the global financial crisis waning, Korean banks are turning their eyes abroad to make forays into promising overseas markets to increase their revenue.

At the same time, in the domestic market, local lenders are starting to see foreign residents as gold mines and are developing more services exclusively for expatriates to get the upper hand in the rapidly growing market.

``We see business opportunities in the foreign residents' group as it is a kind of untapped market. We are seeking to upgrade our expat banking service,'' a Woori Bank official said.

There is enough rational in the urgency behind banks' move to enhance expat banking. Banking services for Korean customers are becoming increasingly saturated, leaving little room for expansion.