Woori Sodara Bank Obtains 'BUKU3' in Indonesia... Expanding Business Scope

Strengthening Local Bancassurance Sales, Securities Custody Services Now Available

▲Exterior view of Indonesia Woori Sodara Bank.

[Asia Economy Reporter Wondara] Woori Bank's Korean-affiliated bank operating in Indonesia, Woori Sodara Bank, has been able to expand its business scope as a medium-to-large bank.

Woori Bank announced on the 14th that Woori Sodara Bank obtained the 'BUKU3' rating from the Indonesia Financial Services Authority (OJK).

Indonesia classifies banks into groups from BUKU1 to BUKU4 based on capital size. The BUKU 3 rating requires a core capital of 5 trillion rupiah (approximately 397 billion KRW), and when the BUKU rating rises, the scope of business that can be conducted locally expands.

At the end of last year, Woori Sodara Bank's core capital was 5.2 trillion rupiah (approximately 413 billion KRW), meeting the requirements for promotion to BUKU3. With this upgrade, Woori Sodara Bank can strengthen bancassurance operations and add securities custody services, further expanding its business scope.

Woori Sodara Bank was established in 2014 through the merger of Woori Bank's Indonesian subsidiary and the local bank Sodara Bank, and it has the largest number of branches (153) among Korean-affiliated banks in the region.

A Woori Bank official stated, "The acquisition of the 'BUKU3' rating by Woori Sodara Bank is an achievement realized through diversification of digital finance-centered businesses and qualitative growth of asset portfolios despite the difficult economic conditions caused by the spread of COVID-19," adding, "We will continue to prioritize customers as our highest value and provide differentiated financial services."

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