RoK’s Woori Bank to establish unit in Vietnam
10:09, 2016/08/05
The State Bank of Vietnam (SBV) has agreed in principle to allow Woori Bank, a subsidiary of the Woori Financial Group from the Republic of Korea (RoK), to establish its wholly-owned unit in the country.
The SBV Governor also approved the personnel list of Woori Vietnam, including the Board Members, members of inspection board and the general director.
Woori Bank is asked to complete its documents in line with the SBV’s regulations and guidance to receive establishment and operation licences from the SBV soon.
Woori is billed as the largest bank in terms of asset in the RoK as of March, 2016. The 100 percent foreign capital branch in Vietnam will serve as a bridge to support RoK enterprises to enlarge their investment in the Southeast Asian nation.
Once the subsidiary is set up in Hanoi this year, the bank plans to diversify channels and products, making aggressive efforts to become one of the top foreign banks in Vietnam.
Woori Vietnam will develop a competitive product line to strengthen retail sales while working with Woori Card to enter Vietnamese credit card market in the first half of 2017.
Woori Bank is asked to complete its documents in line with the SBV’s regulations and guidance to receive establishment and operation licences from the SBV soon.
Woori Bank wins preliminary approval to set up its unit in Vietnam
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Once the subsidiary is set up in Hanoi this year, the bank plans to diversify channels and products, making aggressive efforts to become one of the top foreign banks in Vietnam.
Woori Vietnam will develop a competitive product line to strengthen retail sales while working with Woori Card to enter Vietnamese credit card market in the first half of 2017.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years