JB Financial Group said Sept. 24 it has moved to infuse South Korean cultural identity in its marketing schemes for Phnom Pehn Commercial Bank, a JB’s affiliate.
To execute the plan, it has recently extended financial support for a Cambodian Taekwondo team’s on-field training in Korea. It has also set up a road advertising campaign with its corporate identity image and letters in Korean saying “Welcome.”
In the meantime, backed by its largest shareholder Jeonju-based Jeonbuk Bank, PPCBank has carried out a localization strategy. Across 19 sales branches, 98 percent of its employees are Cambodians.
It has contributed to a recent sales boost, according to PPCBank. The Phnom Penh-based banks income from interest rose 32.7 percent on-year in the first half of 2019, while the first-half net profit topped 10 billion won for the first time since its Korean influence.
“Localization schemes coupled with original marketing strategies has raised our brand awareness,” said PPCBank President Shin Chang-moo.
PPCBank is under the umbrella of provincial JB Financial Group since 2016. Currently, Jeonbuk Bank owns a 50 percent stake in PPCBank, while JB Woori Capital holds a 10 percent stake. Both the companies are wholly owned by JB Financial’s holding firm.
By Son Ji-hyoung (email@example.com)