Korea’s Woori Bank establish legal entity in Vietnam

(CPV) – After receiving the legal approval from the State Bank of Vietnam for setting up a wholly foreign-owned entity in the nation, the Republic of Korea’s leading investment Bank Woori on November 7th officially joined Vietnam retail banking market.

Woori Bank has been operating transaction offices in Hanoi city (1997) and Ho Chi Minh city (2005). By introducing its subsidiary, Woori Bank will boost the retail business with an aim of becoming the top foreign credit bank in Vietnam market.

As planned, it will expand its sales network by establishing transaction offices in Bac Ninh province, Hai Phong city (North region) and Dong Nai, Binh Duong provinces (South region) within this year. Then, the Bank will add more 5 – 7 transaction offices each year to expand its network to 20 branches across the country.

Photos: ATP/Thanh Hai

Photos: ATP/Thanh Hai

Photos: ATP/Thanh Hai

It is also working with Woori Card to enter the Vietnamese credit cardmarket in the first half of 2017. Furthermore, in order to expand the base of local customers, it plans to connect various deposit and loan products including mortgage, credit loan and bank assurance, which also offers comprehensive financial services to Vietnamese customers.

Speaking at the launching ceremony held in Hanoi, Mr. Lee Kwang Goo, CEO and President of Woori Bank said: “Woori Bank Vietnam will take a closer step forward to our customers that they can trust and seek secured to use our services. Meanwhile, Woori 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.”

Founded in 1899 in Seoul capital, Woori Bank is one of the leading investment banks in Asia and the largest lender by assets in the Republic of Korea. It has been running businesses in the Philippines, Indonesia, India, Finland, and Germany. Notably, it also expands “New Asia Credit System” which is focusing on Southeast Asia, thus aiming to become Asia’s top 10 and global top 50 financial institutions./.

ATP