Woori Bank sets up local company in Vietnam

Woori Bank has been operating two branches, one in Hanoi and one in Ho Chi Minh City, bank officials said at the launch ceremony. Now with the formation of the local company, the bank will make a full-scale effort to increase sales throughout Vietnam.

The bank plans to persify channels and products, said the officials, making aggressive sales efforts to become one of the top foreign banks in the Southeast Asian nation.

In addition, it will now proceed to open three more branches this year in the country and then add five to seven branches annually to expand its network to 20 branches over the next few years.

The officials said, the bank has big plans to establish a competitive product line up for the subsidiary to strengthen retail sales. It is also working with Woori Card to enter the Vietnamese credit card market in the first half of 2017.

Further, to expand the base of local customers, it plans to connect various deposit and loan products including mortgage, credit loan for good customers and bancassurance, offering comprehensive financial services.

Lastly, it has plans to further expand its mobile banking platform Wibee Bank.