Woori Bank opens Polish branch as part of Europe expansion drive

Woori Bank Global Business Group Executive Vice President Yoo Hyoung-jin, sixth from left, poses with Lim Hoon-min, Korean ambassador to Poland, seventh from left, and other guests to celebrate the opening of Woori Bank’s branch in Warsaw, Poland, Monday (local time). Courtesy of Woori Bank

Woori Bank opened a branch in Warsaw, Poland, Monday (local time), as part of its continued expansion drive into Europe, the lender said Tuesday.

The new branch will fortify Woori’s presence in Eastern Europe. Its London branch remains a key foreign currency credit line, while the Frankfurt branch is a hub for corporate financing.

The Warsaw branch will accelerate Woori's business expansion beyond Poland, further into Hungary, the Czech Republic, Slovakia and Romania, where many Korean companies operate.

Poland is a manufacturing and logistics hub in Eastern Europe, with strong growth potential due mostly to its geographical location.

Woori expects the new branch will integrate and complement work previously handled by one set up in 2017 in the southwestern industrial city of Katowice.

“Poland is emerging as a key area of focus for Korean firms in defense, electric vehicles and rechargeable batteries manufacturing,” a Woori official said. “The reconstruction of war-torn Ukraine is of business interest to many.”

Woori was cleared by the Polish regulators to establish the new branch last July.

It is the first among leading Korean commercial lenders to have a Warsaw branch.

The lender said the new branch will meet the needs of Korean firms with a business presence in the Eastern European country, including Hanwha Aerospace, Hyundai Rotem and Korea Aerospace Industries.

Also on the list of potential business partners are Korea’s top manufacturing powerhouses, including Samsung Electronics, LG Electronics, Hyundai Motor and its sister firm Kia.

Woori Bank’s Polish branch head Lee Jung-woo said the Warsaw branch opening will effectively connect Germany, London and Poland.

“We will become a reliable partner to many Korean businesses seeking to enter Poland, the largest economy in the Eastern Europe.” he said.

Meanwhile, Woori plans to establish the London Trading Center by June this year. It will handle proprietary trading in foreign exchange, securities and derivatives and currency exchange and foreign exchange hedging.