Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Woori relocates microcredit bank to better support small businesses
Woori Financial Group Chairman Yim Jong-yong, right, and Kim Eun-Kyung, president of the Korea Inclusive Finance Agency, visit a chicken restaurant selected as the first beneficiary of Woori Financial Group's support program for small business owners following the opening ceremony for the relocated Woori Smile Microcredit Bank in Changsin-dong, Seoul's Dongdaemun District, Wednesday. Courtesy of Woori Financial Group
By Lee Hyo-jin
Woori Financial Group said Wednesday it has relocated the headquarters of its Woori Smile Microcredit Bank from Seoul's Euljiro to Changsin-dong in Dongdaemun District, aiming to improve access to financial services for small business owners and low-income borrowers.
The move marks the first step in the group's plan announced in March to strengthen its microfinance network.
Changsin-dong, home to traditional markets and a garment manufacturing cluster, was chosen to bring financial counseling and support closer to small business owners.
Woori said microcredit bank employees will also visit business sites to provide on-site consultations for people who have difficulty visiting branches during business hours.
Woori Financial plans to expand the microcredit bank's regional network from eight branches to 12, adding offices in cities including Jeonju, North Jeolla Province, and Cheongju, North Chungcheong Province.
The relocation ceremony was attended by Woori Financial Group Chairman Yim Jong-yong, Kim Eun-Kyung, president of the Korea Inclusive Finance Agency, Woori Bank CEO Jung Jin-wan and Choo Gwi-sung, head of the Seoul Merchants Union.
"The relocation marks a new beginning in bringing microfinance services closer to small business owners and low-income borrowers who need them most," Yim said. "We will continue expanding our microfinance support by strengthening our presence in local communities."
Separately, the group said it had extended 6.4 billion won ($4.1million) in microfinance loans as of June, surpassing such lending for all of 2025. It aims to increase annual microfinance lending to 20 billion won by 2028, with loans to young borrowers accounting for up to 50 percent of the total.
In the long term, Woori plans to inject an additional 100 billion won into the microcredit initiative to secure stable funding for its lending programs.