Woori Bank to set up 4 new branches in emerging nations

The lender awaits approval from Korea regulator to put up branches in India, Brazil, Australia and Russia.

Woori Bank is planning to establish four new branches in emerging nations this year and convert some of its existing foreign offices into permanent units as it looks to strengthen its presence in global markets.

The bank, the flagship unit of the country’s largest finance group, Woori Financial, is currently awaiting regulatory approval from the Financial Service Commission (FSS) for the new branches in India, Brazil, Australia and Russia.

An obvious target for the bank will be the Korean companies and expatriates that are doing business in those economies, according to Woori officials. Finding new growth overseas is crucial for Woori as it continues to face intense competition in a nearly saturated domestic market.

“We will open our branch in St. Petersburg, Russia as early as in the first half of this year if we get a nod from the FSS,” said Kim Hong-joo, senior manager of overseas business team of Woori. “We will also launch outlets in Chennai in southern India, Sao Paulo and Sydney during the second half.”

View the full story in The Korea Times.