Under the leadership of new President Lee Kwang-goo, Woori Bank has sought strength for its reform drive in overseas markets.
Under the management of the new CEO, the bank has been busy strengthening its competitive edge all around to follow CEO Lee’s intention to find “something to eat” at the overseas financial buffet, and boost competitive power along the way.
As of the end of February, the bank had 185 banking outlets in 18 countries, the largest among Korea’s commercial banks, with 135 of those overseas banking outlets located in southeast Asian countries.
Last year, Woori Bank’s income from its overseas operations amounted to $120 million, about 11 percent of its total earnings, showing that the strengthened overseas operations have started to bear results.
At the present time, the bank is considering setting up a local subsidiary in Vietnam, while expanding its local subsidiaries in the U.S., China and Indonesia. It’s also weighing whether or not to open a branch in India in addition to entering the Philippines.
Woori Bank wants to use its experience and know-how in taking over the Sodara Bank in Indonesia to other countries in Asia to improve and expand its operations.
Many countries in Asia still lack the know-how to operate the banking business, and therefore, for the new regions in those countries, the best way to enter banking is to start with nonbanking financial operations such as savings banks and installment financing to adapt local banking operations before turning them into a banking operation.
M&As with local financial institutions have been a better way to build a base for financial operations early and for localization in countries in Asia. Woori Bank bought Cambodia’s small loan company called “Malis” in July last year and the bank plans to take over a savings bank and then turn it into a commercial bank in the Philippines, while the bank has been considering the same plan in Laos.
Woori Bank has a Korean desk in a Turkish bank in Budapest and the bank plans to do the same in Qatar by setting up a Korean desk in Qatar Islamic Bank after signing an MOU. The bank follow the same formula in Poland and Mexico soon.
Woori Bank plans to expand the number of branches at home and abroad from the current 185 to 300 under its medium-term strategy. The strategy calls for building an Asian Belt from China through S.E Asia and the Middle East, so that it could emerge as a strong bank with an extensive network in those regions.
Woori Bank was established as Daehan Cheonil Bank to protect Korea’s commercial supremacy in 1899. With the royal permission of Gojong, the Emperor, national capital was provided to the bank.
As stated in the founding purpose, currency circulation is the key to success of industries. Woori Bank is to contribute to the development of the nation’s economy by providing support to corporations and SMEs.
Woori Bank will continue to provide more convenient and safe financial services to customers and play an important role as the backbone of Korea’s financial industry by providing power to citizens and businesses. Strong bank that give strength to all of our customers is Woori Bank.
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