Despite the global economic slowdown , Korean banks are increasingly determined to set up more branches overseas to boost trade financing and diversify sources of profit , a report showed . The report released by the Financial Supervisory Service on Monday said that securing more foreign currency assets was the key objective of the 2013 expansion plans of banks here . Banks here opened a total of 11 branches abroad in 2012 , largely in Southeast Asian countries including Vietnam , Myanmar and Indonesia . In 2013 , they plan to build some 20 overseas branches altogether . “ We set up banks in Southeast Asia in exchange for sharing advanced financial know - how . Frankly , Southeast Asia is a small market , compared to countries like China , ” a Shinhan Bank official said . “ Expansion to mainland China is attractive but difficult . ” Breaking the glass ceiling set by local governments ’ protectionism against foreign banks still remained a major challenge , he said . In March 2012 , Shinhan Card Co . and Shanghai - based UnionPay -― a union of 89 Chinese banks ― signed a memorandum of understanding for UnionPay ’ s support for Shinhan Financial Group and its affiliates ’ business expansion into China , and vice versa into Korea . Upon signing the pact , UnionPay requested that progress in the business partnership be kept confidential . About a year has passed since then , but progress on cooperation has been slow if not stagnant , an official from a Shinhan affiliate firm said . Adding more branches in Europe and the Middle East was challenging as well , due to the European debt crisis and lack of networks , respectively , financial market observers said . By Chung Joo - won ( joowonc @ heraldcorp . com ) [ Hot News ] ◆ Park takes helm ◆ Economic democratization overshadows inauguration ◆ Welfare , public safety focus of Park ’ s agenda ◆ Where have we seen it before ? ◆ British teen dies in fall from ski lift