KB Financial Services, the IFSC operation managed by Irish Intercontinental Bank, is growing rapidly and sees major opportunities in Far Eastern markets, which will be serviced by a new office recently opened in Hong Kong. The company is also planning to open an office in New York to serve markets in the Americas.

KB Financial Services is now the centre for all project finance, aerospace and shipping finance for the Kredietbank Group, its 75 per cent Belgian parent. Mr Ted Marah, IIB's chief executive, says that further rapid growth in the IFSC business, where over 60 people are employed, is confidently expected.

The Far East is now a major opportunity for the company, according to Mr Liam Donlon, who is in charge of the IFSC operation. Three people - two Chinese nationals and an Irishman - are now employed in the office which has already completed deals in the aircraft business and is hoping for major growth in project finance deals.

China is the main area of opportunity, according to Mr Donlon, but there is also business in other countries such as Indonesia, the Philippines and Thailand.

In many cases the bank is now working with arms of the development agencies such as the World Bank in the region, but in the longer term the potential opportunities in China in particular could be very exciting, IIB believes. KB has already done a number of substantial deals from its Hong Kong office, according to Mr Donlon.

IIB is also at an advanced stage of planning an office in New York to service both North and South America.

KB Financial Services has seen business growing rapidly over the past year, according to Mr Marah. Its main business is arranging and underwriting finance for major infrastructural projects in areas such as power stations and telecommunications.