April 14, 2010
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News: Samsung Card Expands to Thailand
A major Korean credit card company is about to expand its market to include Thailand. Samsung Card Co, Ltd. is Korea's biggest credit card company and headquartered in Seoul, Korea. Samsung Card partners with Samsung Capital and was established in 1988 as a technical and business company licensed by Samsung Electronics. The company will be launching the new credit card as a joint venture with one of its existing partners. It will be the first overseas venture for Samsung Card which is part of the company's overall business plan for expansion.
According to a last week news release, Choi Doh-seok, CEO of Samsung Card met with top executives of the Thai partner to discuss the credit card launch. However, a company's spokesperson said it was too early to confirm details of the plan because it has not yet been finalized. As one of the world's largest leading electronics enterprise and provider of mobile phones, televisions, and shipbuilding, Samsung's credit card business has lagged behind in a global expansion. Lee Kun-hee, Chairman of Samsung is the push behind an aggressive plan to build a stronghold card market worldwide.
Samsung also operates its Samsung Life Insurance Company which partners with Saha Pathana Inter-Holding in Thailand with great success. Kun-hee put the Samsung team on the chopping block wanting to know why the company's credit card business has not experienced the same global success as its other subsidiaries. The company has been in business for over two decades in Korea and has yet to branch outside the country. In a recent appearance, CEO and Vice Chairman Choi said that will soon end as the company reaches out to target new markets over the next decade. Choi who recently moved to Samsung Card has proven success as the former CFO of Samsung Electronics. It is expected that he will be just as successful in his work with Samsung Card.