Woori Bank’s Cambodian subsidiary will officially take its first step as Woori Bank Cambodia, a commercial bank, next year after acquiring approval from the Cambodian government.
It will provide general financial services and accelerate its growth by expanding business areas such as corporate finance, foreign exchanges and credit cards.
Woori Bank said on Nov. 22 that WB Finance, a local subsidiary of Cambodia, has obtained approval from the central bank of Cambodia.
Woori Bank acquired a local credit company and renamed it Woori Finance Cambodia in 2014, and expanded its business areas by acquiring additional local savings bank, (WB Finance), in 2018.
It merged the two companies into WB Finance to expand retail operations in 2020. In addition, a $100 million paid-in capital increase laid the foundation for WB Finance’s solid growth.
WB Finance has 138 branches and 3,700 local employees, focusing on Cambodia’s capital Phnom Penh and maintains a high annual growth rate of around 50 percent.
The acquisition of the approval will enable WB Finance to provide general financial services, such as expanding its business areas throughout the banking industry, including corporate finance, foreign exchange and credit cards, as well as retail loans.
Through this change, WB Finance will provide better financial services to local customers, such as reducing financing costs thanks to rising creditworthiness, expanding lending and deposit limits and providing digital banking services based on mobile devices and secure competitiveness to compete with leading local financial institutions.
“We will officially launch Woori Bank Cambodia in January 2022 after fully preparing for digital financial services, IT technology, risk management and internal control,” Kwon Kwang-seok, president of Woori Bank. “We will do our best to grow Woori Bank Cambodia into Cambodia’s top three banks in the mid- to long-term.”
Support for DMZ Peace Road Project
Woori Bank announced on Nov. 26 that it held a ceremony with the Ministry of Unification to deliver support funds for the DMZ Peace Road Environmental Improvement Project at Woori Bank Headquarters in Jung-gu, Seoul.
On hand in the ceremony were Woori Bank President Kwon and Vice Minister of Unification Choi Young-joon.
The DMZ Peace Road Environmental Improvement Project aims to open the DMZ to the public for the first time since the division of the Korean Peninsula and develop it into a symbolic zone for world ecological peace.
In April 2019, three theme routes were tentatively set and open to visitors. The routes traverse three areas, one each in Goseong, Cheolwon and Paju abutting the DMZ.
In October of the same year, the tour program was suspended due to the spread of African swine fever (ASF) and COVID-19. But on November 20, it began on eight courses including Ganghwa, Gimpo, Goyang, Paju, Hwacheon, Yanggu, and Goseong.
The support funds delivered this time will be used to set up pavilions and benches on courses in Hwacheon, Yanggu, Goseong, Cheolwon and Inje of Gangwon Province.
Support for Children with Childhood Cancer
Woori Bank announced on Dec. 9 that it delivered donations to the Korea Leukemia Children’s Foundation to support children with childhood cancer at Woori Bank Headquarters with the attendance of President Kwon Kwang-seok of Woori Bank and Oh Yeon-cheon, chairman of the Korea Leukemia Children’s Foundation.
Woori Bank donated 22 million won in the Woori Love Fund which was raised by voluntary salary deductions by Woori Bank employees.
The donation will be used as treatment expenses for children with childhood cancer and learning expenses to help them overcome educational disconnections.
The donation will help children with childhood cancer recover and return to school healthy.
“We are happy to participate in the meaningful love-sharing activity for children with childhood cancer with the Woori Love Fund which we created by collecting the love of Woori Bank employees,” President Kwon said. “We will help them grow healthy without losing their dreams.”
Meanwhile, Woori Bank has been carrying out various social contribution activities in line with strengthening ESG management such as promoting a project to create eco-friendly infrastructure for vulnerable groups with donations collected through a matching grant campaign based on steps taken by employees in October.
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