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Catherine CHANTHABOUN
Head of International Desk Asia Pacific

Support by the
Crédit Agricole group

Last updated: September 2021

Crédit Agricole Group's International Desk in Asia Pacific provides support to the Group's corporate clients in South Korea for their local operations, in particular through account openings, financing, information and banking advice.

It relies on the Group's entities and a leading local partner bank with a large network of branches throughout the country, as well as on its partners leaders in NBFC internationalisation.

The Crédit Agricole group is present in Korea via:

  • Its subsidiary Crédit Agricole CIB, established in Korea in 1974: the first French bank and one of the first foreign banks to have established a presence and opened a branch offering all commercial banking services in Seoul,
  • NH-Amundi Asset Management, Amundi Joint Venture and NHFG (NongHyup Financial Group) for asset management,
  • Crédit Agricole Securities Asia Limited – Branch of Seoul.

For more information, see the list of Crédit Agricole Group locations.

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Means of payment

With South Korea

Company cheque

Bank cheque

SWIFT transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Carte de crédit / débit

Mobile payment

Usage

None

Weak

Common

Weak

Weak

Common

Common

Common

Common

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Advice from the
international desk

General Information

The EU-South Korea Free Trade Agreement to integrate the European and Korean economies, adopted in 2011, has helped remove many trade barriers and facilitate French product imports into this highly developed country with a large population, with large consumer base and high purchasing power.

While South Korea is a mature economy with large groups that have shown great commercial aggressiveness and knowledge of international markets, it is not easy for foreign groups to enter the Korean market. It is essential to be able to put forward a new or differentiated offer or to consider partnering with a Korean company with a complementary activity in order to better understand the modus operandi in Korea. 

However, it is relatively easy and quick to set up a company in Korea. 


Means of Payment & Banking Specificities

Documentary credits remain the most secure and common method of payment. There is some exchange control in Korea and the local currency KRW is not convertible. Any foreign currency transactions exceeding USD 50K must be notified to the central bank. Supporting documents are requested for any inflow of funds exceeding USD 20K and any outflow of funds exceeding USD 50K.

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