PwC Legal advises Korea Development Bank on its new European Hub in Frankfurt
Frankfurt, 10th May 2023
A team of financial services regulatory and corporate lawyers from PwC’s Legal Business Solutions team in Germany has advised Korea Development Bank (KDB) on the establishment of its German branch in Frankfurt, which will act as an additional new hub for KDB’s European operations.
A team from PwC Germany’s Financial Institutions Regulatory Europe (FIRE) Team, led by Dr. Michael Huertas, advised on the legal and regulatory aspects relating to the licensing process. The FIRE Team advised on the design and implementation of the governance, risk, compliance, operational and business framework of KDB’s new branch, as well as its prudential regulatory capital requirements. The firm’s German Corporate Law group provided comprehensive assistance on the registration of the new branch.
Mr. Dongkyun Kim and Mr. Franz Hakan Elman, both Executive Directors of KDB’s new German Branch said:
“We are very pleased that Korea's national financial institution, KDB, has taken the first step towards establishing a new branch in Germany. Through the new branch, once fully licensed, we expect that financial and banking business between Korea and Germany will be more active and we plan to provide various financial and banking services to potential clients. As a leader in Korea’s green finance sector, KDB has reinforced its role as a financial policy catalyst to channel the market’s liquidity to green sectors to address the massive investment needs over long-term horizons. This role of KDB will be equally applied to the newly established branch, and once fully licensed it is expected to contribute to the European financial market, which is the most advanced in environmental protection and green finance. We really appreciate PwC's help to successfully open a new branch and look forward to the upcoming exciting months. After our banking license is approved in full, we hope to be able to start our activities in the first months of 2024”.
We are very proud to support KDB on this important milestone in further developing its international footprint. This builds off our expertise in assisting globally active financial services firms successfully enter the German and the EU market. KDB’s new Frankfurt hub will expand the bank’s ability to provide financial services to its clients across Europe, in particular with respect to KDB's green finance solutions.
About Korea Development Bank (KDB)
Since its founding in 1954, KDB has been the backbone of the development of the South Korean economy and financial industry. KDB provides financing for the development and promotion of industries, the expansion of social infrastructure development of countries, the stabilisation of financial markets and the facilitation of sustainable growth in both South Korea and further afield through its network of subsidiaries, branches and representative offices throughout Asia, Europe and North America. KDB has placed climate change and socially responsible investment as policy issues at the heart of its multi-annual planning and delivery.
Advisors to KDB
- Financial Services (Frankfurt & Berlin teams): Dr. Michael Huertas (Partner, FS Legal Leader – Global Legal Network), Maxi Wilkowski (Senior Manager - Lead Project Manager), Kristin Lyaskova (Senior Associate), Melissa Meusser (Trainee Lawyer)
- Corporate Law (Frankfurt & Hamburg teams): Dr. Oliver Kuhnert (Partner), Dr. Philipp Rühland (Manager), Hanna Friederike Ehlers (Manager)
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 300 lawyers at 18 locations. Integrated, tech-powered legal advice.