Banco Bilbao Vizcaya Argentaria, the Spanish banking group, has received its license to operate a full branch in Seoul, South Korea.

The new branch will have an initial capital of KRW50 billion ($47.4 million) and will be located at the Sejong-Daero financial centre, the company said in a statement. It will start with 14 Korean staff.

Although private banking will not be covered initially by the branch, it is being considered. BBVA is currently setting up private banking operations in China as part of a joint venture with China Citic Bank, in which BBVA holds a 15 per cent stake. 

BBVA has been operating a representative branch in the country and the recent upgrade is expected to widen its Korean and Asian network. The company has been working with corporate clients from shipping, construction, and the like, and is looking to expand its base to include Korean banks, insurance companies, the central bank, and large and multinational corporates.

Elsewhere in Asia, it has full branches in Hong Kong, Singapore, and Tokyo, and representative offices in Taipei, Beijing, Shanghai, Mumbai, and Sydney. As well as the stake in China Citic, it also holds a 30 per cent stake in CITIC Bank International in Hong Kong.