Recently, the application of Pusan Bank, the largest enterprise in South Korean Pusan region, setting up a branch in Qingdao was approved. It is the first branch Pusan sets up at abroad and the second foreign-invested bank settling in Qingdao this year, following Qingdao-based branch of Mizuho Bank. So far, Qingdao has owned 11 foreign-invested banking institutions. It was known that Pusan Bank ranked first in net profits in South Korean local enterprises and third in sales amount. According to the total assets scale, Pusan Bank ranked first in South Korean local banks.