Woori Bank Obtains 'Commercial Bank Final Approval' for Cambodian Local Subsidiary

Cambodia's 138 Network Bases Lay Foundation for Becoming Leading Local Bank
Providing Comprehensive Financial Services through Expansion in Corporate Finance, Foreign Exchange, and Card Business Areas

President Kwon Kwang-seok: "Official Launch of 'Woori Bank Cambodia' in January Next Year... Aiming to Become a Top 3 Bank"

[Asia Economy Reporter Lee Kwang-ho] Woori Bank announced on the 22nd that its local subsidiary in Cambodia, WB Finance, has obtained a commercial banking license from the National Bank of Cambodia.

Woori Bank expanded its business area by acquiring Woori Finance Cambodia in 2014 and additionally acquiring WB Finance in 2018. In 2020, the two companies were merged to expand retail operations. Furthermore, a solid growth foundation was established through a $100 million capital increase.

WB Finance has 138 branches and 3,700 local employees centered in Phnom Penh, the capital of Cambodia, maintaining a high annual growth rate of around 50%.

With the acquisition of the commercial banking license, WB Finance can now provide comprehensive financial services by expanding its business scope beyond existing retail loans and deposits to include corporate finance, foreign exchange, cards, and other banking operations.

Through this, WB Finance will offer better financial services to local customers, such as reduced funding costs due to improved credit ratings, expanded loan and deposit limits, and digital banking services utilizing mobile platforms, thereby gaining competitiveness to compete with leading local financial institutions.

President Kwon Kwang-seok of Woori Bank stated, "After thorough preparations in digital, IT, risk, and internal control, we plan to officially launch 'Woori Bank Cambodia' in January 2022," adding, "We will do our best to grow into one of the top three banks in Cambodia in the mid to long term."

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