Woori Bank announced on March 16 that it held a ceremony in honor of its investment in Wealth Development Bank in Manila, Philippines on March 15.
Wealth Development Bank was reborn as a joint venture between Woori Bank and its partner, the Vicsal Group. The Vicsal Group is a large distribution company with one million members, which operates department stores and supermarkets throughout the Philippines.
The bank plans to expand its network of 16 branches by three to four every year to cover the entire Philippines by 2020. New branches will be established in large department stores operated by the Vicsal Group and in the Makati and Cavite areas where many Korean companies are located. In areas where Koreans are concentrated, “Korea Desk” will be operated so that about 120,000 Korean residents and 1.4 million visitors a year will be able to use it conveniently.
"By cooperating with the Vicsal Group and utilizing our know-how, we will develop Wealth Development Bank into a bank that customers can trust and use conveniently and therefore, contribute to the development of the Philippines’ financial industry,” said Lee Kwang-gu, CEO of Woori Bank.
Meanwhile, in order to strengthen its global competitiveness, Woori Bank is spreading its competitive products to local markets and introducing new business items such as real estate mortgage loans, credit loans for excellent customers, and credit cards.
In the meantime, the Korean bank is also pursuing M&A deals in Southeast Asia including India and Thailand, to expand its operations in core areas this year. Woori Bank is also planning to achieve its "Asia Top 10, Global Top 50" vision by expanding its market control and market share in the growing Southeast Asian market.