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KB Financial, India's Bank of Baroda agree on closer cooperation

All Headlines 11:05 July 10, 2018

SEOUL, July 10 (Yonhap) -- KB Financial Group Inc., a major South Korean banking group, said Tuesday it has signed a deal with Bank of Baroda, India's state-run lender, to forge closer cooperation in mobile payment and trade financing.

The deal, signed on Monday in New Delhi, is expected to allow the two financial institutions to work together on building a "digital payment ecosystem" in India, KB Financial said in a statement.

KB Financial, India's Bank of Baroda agree on closer cooperation - 1

The deal will also help KB Financial raise funds from India's financial market, according to the statement.

An official at KB Financial said the deal with Baroda will help the South Korean group make inroads into India's banking, credit card and payment sectors.

President Moon Jae-in is in the midst of a four-day state visit to India.
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