Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Woori establishes regional headquarters in Bangladesh
Woori Bank headquarters in Seoul / Courtesy of Woori Bank
By Lee Yeon-woo
Woori Bank said Friday that it has launched a regional headquarters in Bangladesh.
Woori Bank was the only bank among East Asian banks to establish a branch in Dhaka, the capital of Bangladesh, in 1996. The Dhaka branch has been steadily expanding the strength of its business ever since, operating sales channels in six major hubs including Chittagong, the second-largest city of Bangladesh, in line with the expansion of domestic companies into the country.
As of 2022, the Dhaka branch of Woori Bank has demonstrated significant profitability and growth, boasting total assets of approximately 464 billion won ($351 million) and operating revenue of around 40 billion won. The branch is supported by a workforce of 130 employees.
Due to Bangladesh’s regulatory restrictions on the establishment of local entities by foreign banks, Woori Bank decided to strategically establish a regional headquarters within the country. The headquarters is tasked with the oversight of the Dhaka branch and an additional six sales offices.
The regional headquarters will act as a control tower, responsible for establishing marketing strategies, financial management, and building and operating internal control processes. It will also provide financial advisory services to domestic companies entering the local market.
"With the establishment of the Bangladesh regional headquarters, we are now able to enhance services for Korean companies. We plan to continue supporting the regional headquarters so that it can fulfill its roles in sales support and internal control effectively," said an official from Woori Bank.