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Korea’s Woori Bank aims to run more than 300 overseas outposts

Collected: 2017.12.26

Distributed: 2017.12.27

Source: Go Direct

South Korea’s Woori Bank Co. that became fully privatized last year said on Tuesday that it opened seven new branches in Southeast Asia, becoming the first Korean lender to manage more than 300 overseas networks. The seven branches were set up in the Philippines, Myanmar, and Cambodia.

The opening of new branches comes as part of Woori Bank’s efforts to expand its global presence. The lender also plans to set up a subsidiary in Germany early next year and complete transforming its operating entity in India into an overseas subsidiary. Woori Bank also plans to open a branch in Poland and a subsidiary in Mexico by the end of 2018.

An unnamed official from Woori Bank said that it aims to expand its global network to manage 500 or more overseas branches by promoting active merger and acquisitions.

Under its new head Sohn Tae-seung, Woori Bank created a new global digital promotion team in its latest organization reshuffle. The team is responsible for digitizing about 300 global networks in 25 countries and managing overseas information technology and financial technology business.

By Lee Seung-yoon and Lee Eun-joo

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