BBCN Bancorp in Los Angeles has signed a memorandum of understanding with the city of Seoul aimed at expanding the bank's business in South Korea.

The agreement was signed on Monday by Kevin Kim, the company's president and chief executive, and Won-soon Park, Seoul's mayor, in conjunction with the 2014 Financial Hub Seoul Conference in New York.

"We believe BBCN is well positioned to serve the financial needs of Korean national companies with operations in the U.S," Kim said in the release. "We are excited about our plans to open a representative office in Seoul in the coming quarters."

The agreement is also aimed at promoting the Yeouido International Financial District in Seoul.

BBCN is a $6.9 billion-asset, Korean-American bank that has 49 branches in California, New York, New Jersey, Illinois, Washington and Virginia.

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