WASHINGTON -- The Federal Reserve Board approved the application of Korea First Bank, Seoul, Korea, to establish an office in Seattle.

The Korean bank has $35.1 billion of assets and is the fourth-largest bank in Korea, operating 298 branch offices throughout the country. The bank and its subsidiaries engage in leasing, investment consulting, software development, merchant banking, venture capital and commodity futures activity.

In the United States, the Korean bank operates a wholly owned subsidiary bank, Korea First Bank of New York, N.Y., and three agencies in Los Angeles, Calif., and an insured branch in Chicago.

The bank also operates branches in Osaka, Tokyo, London, and Singapore. It has representative offices in Hong Kong, Frankfurt, and Sydney and owns subsidiaries in Vietnam, Germany, Hong Kong, and London.

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