Woori Bank is one of the Korean banks that entered China for business when Korea and China reopened diplomatic ties in 1992. With its wholly-owned subsidiary as the base of its operation, the bank has been rapidly expanding its banking network in China since then.

In 1995, the bank opened a branch in Shanghai to provide financial services to Korean expats –  both businesses and individuals –  in China and expanded its operations to provide financial services to local customers in 2007 upon launching its own subsidiary, China Woori Bank. The subsidiary expanded its operations fast in the past six years. The bank, which employs around 500 locals, now has 17 outlets in China including eight branches and nine outlets, with the subsidiary’s assets totaling $3.2 billion and operating profit of $66 million.

The bank is considered to have achieved great success in its operations in China with local customers accounting for around 70 percent of its total customer base. Officials of the bank said they have been providing segregated banking services and products to local SMEs and individuals using localized manpower for much of its operations including social services in an effort to boost its image.

The bank’s local subsidiary was the first Korean bank in China to operate internet banking services to cover for a shortage of banking outlets. The bank also introduced the direct payment card system for the first time for a Korean bank and the sixth among all banks in China in 2009. Unlike such cards handled by Chinese banks, the Woori Bank subsidiary included many other functions on its credit card like those they have in Korea, such as discounts at member shops, point accumulation, and fee exemptions, among others, to keep its customers happy.

In March of this year, the company introduced a credit card for Chinese tourists bound for South Korea to be used in Korea only called the “Korea Visit Special Benefits Card,” in coordination with the Ministries of Justice and Culture, Sports and Tourism.

Chinese travelers to Korea who hold the special credit card can skip the complicated processes in getting visas to enter Korea and at the airport immigration passport checks. They also get special treatment from the Korean shops who are members of the credit card affiliated commerce entities.

Woori Bank has been also introducing a variety of special financial products to the local Chinese customers such as ‘B2B Loan Products,’ ‘Personal Mortgage Products,’ and other derivative financial products.

The bank also plans to expand its operations into yet-untapped western Chinese regions before any Korean or foreign banks do around such large cities as Chongqing and Renyang by opening its branches and other outlets.

Officials of Woori Bank said China Woori Bank has been playing a key role in Woori Bank’s global operational expansion and will further strengthen its current operations to deepen its localization and grow continuously.