Woori Bank Indonesia Branch Selected as 'Excellent Bank' Locally in 2022

Exterior view of Indonesia Woori Sodara Bank.

[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 15th that its local subsidiary in Indonesia, 'Woori Sodara Bank,' was selected as an excellent bank in Indonesia by a local media outlet.

Investor selected 20 excellent banks based on key management indicators such as profitability, soundness, and capital adequacy. Woori Sodara Bank is the only Korean bank on the list.

Woori Bank's entry into Indonesia began in 1992 with the establishment of a local subsidiary. To expand retail banking operations, it merged with Sodara Bank in 2014 and built a business portfolio with a 50:50 ratio between corporate finance and retail banking. As of the first quarter, its assets reached $3.4 billion, and it employs 1,500 people.

Woori Bank stated, "Despite a challenging business environment, Woori Sodara Bank has achieved outstanding results based on thorough local-centered operations and risk management," adding, "It is the only Korean bank that has grown both assets and profits this year following last year."

Woori Sodara Bank is promoting digital transformation in response to changes in the local financial environment, including digitizing the personal loan processing process using tablets and non-face-to-face loans through mobile banking.

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