South Korea’s Woori Bank Co. won the Vietnamese financial authorities’ approval to open six additional branches in the Southeast Asian country, moving a step closer to its goal to operate more than 20 branches in the country by 2020.
Pulsenews reported, the Korean leading bank said Wednesday that its local subsidiary Woori Bank Vietnam will open six new branches in Vietnam after it gained licenses for the business from the State Bank of Vietnam. This is the first time a foreign banking unit has obtained multiple licenses to open branches at the same time in Vietnam, according to the company.
The new branches will open this year in Thai Nguyen, Hai Phong and Ha Nam in the north of Vietnam, as well as in Ho Chi Minh, Nhon Trach (Dong Nai) and Binh Duong in the south. These cities are popular business bases for Korean companies that have made inroads into the country.
Woori Bank Vietnam, which is currently running three branches in the country, aims to expand the business base in major cities of Vietnam by running a total of nine outlets by the end of this year and more than 20 by 2020.
Woori Bank opened its first outpost in Hanoi in 1997 and incorporated Woori Bank Vietnam as an independent local subsidiary in January 2017 to bolster its local financial services in the Southeast Asian country.
Its current three branches are located in Hanoi, Ho Chi Minh and Bac Ninh providing various financial services for Korean companies and their local partners. It is also reinforcing its retail banking services by providing mortgage-backed loan service and issuing credit cards. It has also introduced its mobile banking service Global Wibee Bank to lure young clients.
By Lee Seung-yoon and Lee Ha-yeon