Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
INTERVIEW 'ASEAN market top priority for Woori Financial Group'
By Kim Bo-eun
Woori Financial Group Chairman Son Tae-seung
By Kim Bo-eun
Woori Financial Group will place a top priority on the ASEAN market in order to speed up its overseas expansion and become a leading financial group in Asia, Chairman Son Tae-seung said Monday.
“The ASEAN market is a top priority for Woori Financial Group when it comes to overseas expansion,” Son said in a written interview with The Korea Times. Son doubles as the CEO of Woori Bank.
“Based on not only the growth rate and profits coming from the region but also Korea's friendly relations with countries there through close economic cooperation, Southeast Asia holds the utmost significance for Woori in terms of its global expansion,” he added. “We are quickly expanding our business there, with a business model customized to each ASEAN member state.”
ASEAN refers to the Association of Southeast Asian Nations, and its 10 member states are Brunei, Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Laos, Thailand and Vietnam.
Woori Bank, the flagship of the group, currently has the largest global reach among local banks with 444 outlets dispersed across the globe, as of Nov. 25. Over 80 percent of the outlets are concentrated in Southeast and Southwest Asia.
Fourteen branches have opened in the ASEAN region this year ― three in Vietnam, nine in Cambodia and two in Myanmar.
The most recent opening was Woori Bank's branch in Bien Hoa, Vietnam, Nov. 15.
Vietnam is one of the key markets for Woori. The bank plans to open three additional branches in the country by the end of the year. It is aiming to open five new branches every year through 2021, to have 20 branches in the country by the end of that year.
To enhance its competitiveness in the region, Woori set up a fintech lab in Vietnam last month. The fintech lab will support Korean fintech startups' business in the region as well as assist startups in Vietnam, and enable firms of both countries to collaborate.
Expansion in Southeast Asia has accelerated in recent years. Beginning with Woori's acquisition of Indonesia's Saudara Bank in 2014, it took over Cambodia's micro finance institution Malis the same year. In 2016 Woori acquired a savings bank in the Philippines. It established a subsidiary in Vietnam in 2017; and the following year acquired Cambodia's savings bank Vision Fund.
Two-track strategy
Son said Woori has a two-pronged strategy for expansion in the region.
“For the banks and credit card firms which have a presence in the region, we aim for organic growth,” Son said.
“For other non-banking units we are seeking to enter markets where Woori Bank has a presence, or establish a presence through M&As.”
Non-banking units refer to brokerages, insurers or asset management firms.
As for the banking business, Son plans for Woori to boost its competitiveness through customized products and services for local customers.
He is also seeking for the bank to strengthen its global digital capabilities through the introduction of mobile retail banking services.
"Woori Bank will continue to expand retail banking in the region, to establish sustainable growth,” Son said.