The first stage of the Busan International Finance Center (BIFC) will be completed in 2014.

The Financial Center in Busan, modeled after the one on Yeouido, will open in 2014.

On June 3rd, Busan Finance Center Project Financing Vehicle (PFV) stated that the first stage of BIFC will be completed in June 2014.

The project of BIFC is to develop an area of a hundred thousand square meters and to build nine buildings including BIFC 63 Building, BIFC Mall, Korea Technology Finance Corporation, the Busan Branch Office of The Bank of Korea, Busan Bank, an office building, a business hotel, a studio apartment complex, and a cultural and commercial facility.

Korea Technology Finance Corporation has already moved into BIFC, and the Busan Branch Office of The Bank of Korea will open in BIFC in June 2013. Other buildings including BIFC 63 Building, BIFC Mall, and Busan Bank will be completed in June 2014.

Because Busan is maritime logistics hub, BIFC will be specialized at maritime logistics and derivatives, based on the infrastructure of shipping and logistics and Korea Exchange.

Eight buildings are placed near 289-meter BIFC 63 Building built by Hyundai Engineering and Construction Consortium. The plan for that plot is specially designated, considering the feature of the institutions that will move in BIFC. BIFC Mall, the only commercial facility in the first stage of BIFC, will begin leasing or selling space in June 2013.

Korea Exchange, Korea Asset Management Corporation, Korea Securities Depository, Korea Housing Finance Corporation, Korea Housing Guarantee, Korea Southern Power, National Agricultural Cooperative Federation, and Korea Youth Counseling and Welfare Institute, and Korea Credit Guarantee Fund will move in BIFC 63 Building. KAIST Busan College of Business Graduate School of Finance and Accounting is weighing the advantages and disadvantages of moving into the BIFC 63 Building.

Kim Chung Kyun, the representative of Busan Finance Center AMC, said, “After completing the first stage of BIFC, it will be a financial center like the one in Yeouido” and “It will help to boost regional economy.”

Reporter Oh Seung Wan: osw@naeil.com

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