Bank of Hope held a plaque ceremony on May 20 to mark the opening of its second Korean Corporate Banking Support Center at its Olympic Western branch (3267 W. Olympic Blvd.) in Los Angeles.
The bank said the new center responds to the growing number of Korean businesses expanding into the U.S. due to the Trump administration’s protectionist policies and renewed emphasis on domestic manufacturing. This is the second such center after the first was established in Atlanta, Georgia.
CEO Kevin Kim explained that Korean companies are no longer just viewing the U.S. as a consumer market. “Today, they are building manufacturing facilities and entering the market in fundamentally different ways,” he said. “Small and mid-sized firms often lack overseas experience and local know-how, so there are many areas where a bank can assist.”
He emphasized that during economic downturns, the barriers to working with mainstream banks grow higher. “This is the time for Korean American banks to stand out by providing differentiated services,” he said. “Such efforts can foster mutual growth with Korean businesses and ultimately benefit the Korean American community as well.”
The bank recently restructured to launch a nationwide support team dedicated to Korean corporate clients. It has also built partnerships with institutions such as KOTRA (Korea Trade-Investment Promotion Agency) and ASOK (Association of State Offices in Korea), offering clients not only financial services but also legal, tax, and labor compliance resources.
Kyu-sung Kim, Executive Vice President, noted that treasury management services are just as critical as loans for corporate clients. “It’s rewarding to watch small firms that once struggled to open a simple account grow into major businesses within a few years,” he said.
Jong-hoon Lee, Senior Vice President overseeing Korean corporate accounts in the western region, said service offerings are tailored to each region. “The Southeast is home to many auto manufacturers, while Southern California has more distribution companies and rising interest from major Korean firms in real estate investment,” he explained.
To improve accessibility, the bank has launched a dedicated website and plans to operate an advisory committee made up of experts across various fields. It also highlighted its nationwide branch network, including Hawaii, and a higher commercial lending limit than typical community banks.
The Korean Corporate Banking Support Center is expected to expand next to New York, New York and Houston, Texas, offering customized financial solutions to Korean companies across the U.S.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
