Woori Bank Launches Global Custody Services in Vietnam

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 7th that it has started global custody services for investment assets in Vietnam.

Until now, domestic investment funds investing in Vietnam entrusted their investment assets to foreign banks. With the commencement of this custody service, Woori Bank explained that major investors such as domestic asset management companies and pension funds can now receive prompt and stable global custody services.

Woori Bank's custody services are based on the know-how and advanced systems accumulated over the past seven years while performing stock custody services for the National Pension Service. Last month, Woori Bank ranked first for the third consecutive time in the National Pension Service bidding and is expected to perform stock custody services for up to five years going forward.

Additionally, Vietnam Woori Bank has established an advanced IT system, personnel, and internal control organization to provide asset custody services. By taking custody of funds (930 billion KRW) previously held by foreign banks, it has become the largest global custodian bank among domestic banks operating in Vietnam.

A Woori Bank official stated, "By launching global custody services in Vietnam, we have built a competitive revenue model and plan to expand this service to other countries where Woori Bank has entered in the future."

This content was produced with the assistance of AI translation services.