Woori to set up corporate entity in Europe

Woori Bank CEO Sohn Tae-seung

By Lee Kyung-min

Woori Bank has received the green light from German financial authorities and the European Central Bank to set up a corporate body in Europe, the bank said, Tuesday.

This will pave the way for Woori to provide better services to Korean companies there and expand its presence.

The bank said it will set up its first European corporate entity in Frankfurt this month, which will be used as a strategic base to expand its business across Europe.

It also plans to increase the number of its branches in Eastern Europe where a large number of Korean manufacturers are based.

The bank said that it will get easier access to other European countries under the “single passport rule,” under which a financial firm with a license within the European Union (EU) member states can conduct business through much simplified compliance procedures.

Woori's corporate body in Frankfurt will be allowed to handle a variety of businesses, including corporate, investment (IB), export and import, and retail banking, and foreign currency remittance for locals and syndicated loan businesses.

In particular, the body plans to create a strong sales team consisting of experienced IB specialists both from Korea and Europe in a bid to enhance its corporate marketing capabilities

The approval is the latest development in the overseas expansion of the bank with the largest global network. It has a total of 419 overseas branches worldwide.

“Our new corporate body in Frankfurt will complete the European belt connecting a branch in London and Katowice, a city in southern Poland,” said an official from the bank.

“We hope the new deal will help us increase our overseas presence in closer connection with our other branches in the U.S., Middle East and Asia.”

Woori Bank has established corporate bodies in the U.S., China, Russia, Hong Kong, Indonesia, Vietnam, Myanmar, the Philippines, Brazil and Cambodia, and discussions are underway to set up a new body in India.

Woori Bank's headquarters in Seoul