...Overseas Growth Appetites Increasing Faster than Expected Fitch Ratings expects South Korea's large commercial banks to be slightly more aggressive in expanding overseas than we expected, in line with their parent holding companies' ambitious medium-term growth targets. In July 2019, three major Korean financial institutions made public statements or announcements relating to overseas operations. Growth is expected to mainly come through the operating banks as their non-bank operations have much smaller overseas bases. Woori Financial Group raised its target for profit contribution from overseas businesses to 40% by 2022 from 30% by 2020. KEB Hana Bank, which has an ambitious plan of 40% overseas profit contribution by 2025, is acquiring a 15% stake in Vietnam Investment and Development Bank for about USD900 million. Shinhan Financial Group reiterated its aim to reach 20% overseas profit contribution by 2020. Fitch has always viewed the banks' overseas business goals as ambitious, and we...
