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Woori Bank Officially Launches Bank Woori Saudara in Indonesia
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Woori Bank Officially Launches Bank Woori Saudara in Indonesia
  • By matthew
  • March 2, 2015, 02:59
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Woori Bank CEO Lee Kwang-goo (center) and other bank officials participate in the ribbon-cutting ceremony to open the new Bank Woori Saudara.
Woori Bank CEO Lee Kwang-goo (center) and other bank officials participate in the ribbon-cutting ceremony to open the new Bank Woori Saudara.

 

With officials from Bank Indonesia and Otoritas Jasa Keuangan, or the Financial Services Authority of Indonesia, attending, Woori Bank held a ceremony marking a merger in Indonesia on Feb. 26 and announced the official launch of a merged bank. 

The official name of the merged bank is Bank Woori Saudara. The bank has total assets worth US$1.6 billion (1.76 trillion won) and employs about 2,000 workers. Woori Bank will have a 74 percent stake in the merged bank.   

Woori Bank CEO Lee Kwang-goo said, “We are here to declare that both banks have successfully completed the merger and have a new beginning together. Even though we have different backgrounds and cultures, let’s lay the foundations of the merged bank’s growth in the future through the integration of the two banks.” 

He said, “With continuous investment and support, we will grow Bank Woori Saudara into a medium and large-sized bank, contributing to the development of the financial industry and the economic development in Indonesia.” 

Through the merger, Woori Bank will have 185 networks in 18 countries. 

Meanwhile, Woori Bank CEO Lee also signed an agreement with Bank Central Asia (BCA), the largest commercial bank in Indonesia, to join the interbank payment network of debit cards (Prima).

Joining the Prima, which accounts for 50 percent of the Indonesian ATM market with 51 local bank members, the customers banking with Bank Woori Saudara can now also use nearly 15,000 ATMs of the BCA.