Woori Bank is the first commercial bank in Korea to have as many as 200 branches, subsidiaries and other banking outlets overseas. The bank set up its first branch in Tokyo, Japan, in 1968 and plans to set up 300 more branches or outlets by 2020 to bring the total overseas to 500 under a strategy to expand its banking network, the bank said recently.
The bank celebrated its 200th overseas branch, which opened in Myanmar, on Nov. 26 in a ceremony at its head office in Jung-ku, Seoul, with a number of dignitaries led by Chairman Yim Jong-yong of the Financial Services Commission and President Lee Kwang-goo of Woori Bank.
Woori Finance Myanmar will be specializing in providing small loans to the general public as a micro financial company.
The bank now has operations in 23 foreign countries after taking over Sodari Bank in Indonesia last year. The bank’s total overseas assets came to $17.135 billion as of the end of September 2014 with operating profit rising to $233.35 million, the bank said recently.
The bank now plans to take over a savings bank in the Philippines early next year and set up a local subsidiary in Vietnam, also in the first half of 2016.
President Lee boasted that the bank will set up 100 more branches or outlets next year to bring the number of its overseas branches or outlets to reach more than 300 - and 500 by 2020 - aiming for the bank to be among the top 10 financial institutions in Asia and among the top 50 in the world.
In his congratulatory speech, Chairman Yim said if the bank continues to expand its global financial network under the long-term strategy, it will not be impossible for the bank to be the financial version of Samsung Electronics in the years to come.
"To achieve this aim, we will further step up our efforts to penetrate into emerging economies which have high growth potential in terms of demand for financial services," an official said.
Woori acquired a 74 percent stake in Indonesia's Saudara Bank, which includes 119 branches, for about $100 million last year.
In May, Woori opened its seventh branch in Cambodia, while starting services of WiBee Bank, the Internet-only banking service, in the relatively highly-connected country.
"Depending on the penetration rate of smartphones, we will consider launching the WiBee Bank service in Vietnam and other Southeast Asian countries in the first half of next year," the official said.
If a customer applies for a loan from WiBee Bank on his smartphone in Korea, the bank transmits the requested money to his bank account. But in an emerging market, where the number of banks has yet to be increased, a Woori Bank employee pays a visit to the customer in person to handle the request, the official said.
In September, Woori received approval from Myanmar authorities to set up a microfinance company aimed at providing financial services to local retail customers. "The procedure to rent a building for the business and hire local employees will start soon," the bank said.
On top of the banking business, Woori Finance Group is also considering the advance of Woori Card into those emerging markets, where only banks are allowed to do credit card business, the banking group said.
"Woori Card is eyeing small loans and installment financing, the demand for which is on the rise in emerging economies," another official said. "The initial target markets will be decided next year."
Korea's benchmark interest rate is at a record low 1.5 percent and its economy is widely expected to grow less than 3 percent this year due to growing external risks such as the anticipated U.S. rate hike and China's economic slowdown.
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