The exact location of the branch is still undecided, although the bank is reportedly considering either Mumbai, Gurgaon, New Delhi or Chennai. Speaking at the sidelines of a conference in India, Kookim chief representative for India Chan Heung Kim told the local media that the firm expects an approval from the RBI over the next few months. 

The current trade volume between India and South Korea has gone up by around 40 per cent to about $120 billion this year, prompting the company to decide that it's time to set up a local presence. For its India office, the South Korean bank says it will initially cater to corporate clients, but is also preparing to foray into the wealth management business soon. 

The Indian market is ripe for wealth management offerings, with the likes of UBS, Barings Asset Management and Citi setting up local family office units and funds targeting HNW individuals. 

According to the recent "Top of the Pyramid" report on the country's wealth market by Kotak Wealth and CRISIL, the number of ultra high net worth individuals in India is expected to triple over the next five years to 219,000, with their collective net worth set to grow fivefold by 2015-16. Eighty-percent of these wealthy individuals are based in the key cities of Mumbai, Delhi and Bengalaru.

Kookmin Bank plans to apply for a full branch license over the next one to two years once its India business expands.