Woori Bank launches wholly owned subsidiary in Vietnam

Woori Bank has been operating transaction offices in two major cities of Hanoi and Ho Chi Minh City. With the official establishment of the subsidiary, Woori Bank will boost the retail business with an aim of becoming the top foreign credit bank in Vietnam market. According to the plan, Woori Bank will expand its sales network in Vietnam by establishing transaction offices in Bac Ninh, Haiphong in the north and Dong Nai, Binh Duong in the south by the end of this year.

In the next years, Woori Bank will open up to seven more transaction offices annually to expand its network to 20 branches across the country.

“Woori Bank Vietnam will take a closer step forward to our customers that they can trust and seek secured to use our services,” Lee Kwang Goo, CEO and president of Woori Bank said. “Meanwhile, we will keep on developing with the motto of becoming the reliable bank for customers and will always accompany with the development of society. Furthermore, we will strongly promote the social activities to support the community development in Vietnam.”

In particular, Woori Bank will establish a competitive product line up for the subsidiary in Vietnam to strengthen retail sales. It is also working with Woori Card to enter the Vietnamese credit card market in the first half of 2017.

Furthermore, in order to expand the base of local customers, Woori Bank plans to connect various deposit and loan products including mortgage, credit loan and bancassurance, which also offers comprehensive financial services to Vietnamese customers.

Last July, Woori Bank launched “Seoul – Woori Bank Guarantee Insurance MCI” – the cooperative product between Woori Bank and Seoul Guarantee Insurance. Along with that, the mobile banking platform Wibee Bank and Wibee Bank will also be introduced to enhance the bank’s localised services.

Founded in 1899 in Seoul, Korea, Woori Bank is one of the leading investment banks in Asia and the largest lender by assets in South Korea. Recently, Woori Bank has acquired Philippines’ Wealth Development Bank and is growing its sales network across the country. Meanwhile, bank system of Sotara Woori Indonesia also owns 137 transition offices and has been further expanding the customer base in this country.

In last October, as the first foreign bank in India, Woori Bank established transaction offices in major cities like Mumbai và Gurgaon as well as enhance the presence in India market. Especially, Woori also expands “New Asia Credit System” which is focusing on Southeast Asia.

Woori Bank has also set up offices in Finland and the legal entity in Germany in order to boost business capacity in the European market.

The bank also pushes ahead with a plan to enter new markets like Mexico, where many Korean businesses are operating.

With the ongoing development efforts and revenues around the world, Woori Bank aims to become Asia’s top 10 and global top 50 financial institutions.