Kookmin Bank, South Korea's largest lender, is considering basing 1,000 call centre jobs in China, a move that would realise an annual cost saving of US$10m. The Financial Times reported that the bank was interested in setting up in the Shenyang area, where refugees from North Korea have swollen the number of Korean speakers in recent years. The bank stressed that it would only employ those with Chinese citizenship and that its existing 4,500 South Koreanbased call centre jobs would be safe. Labour costs in China are about one-tenth of those in South Korea.
Also in October, HSBC said it would shift 4,000 call centre and processing jobs from the UK to India, China and Malaysia.