A Woori Bank outlet in South Korea. Photo: www.koogle.tv
Seoul-based Woori Bank has received preliminary approval from the State Bank of Vietnam (SBV), the country’s central bank, to establish a wholly-owned subsidiary in the Southeast Asian country.
The Vietnamese banking authority has asked Woori Bank to complete required documents so submit to the governor for approval, SBV said in a statement on its website.
With the establishment of the subsidiary, Woori Bank, which now operates two branches in Hanoi and Ho Chi Minh City, aims to increase sales in Vietnam.
According to Business Korea newswire, once the subsidiary is established in Hanoi around October this year, the bank plans to diversify channels and products, making aggressive sales efforts to become one of the top foreign banks in Vietnam.
The bank will also open three branches more this year following the establishment of the subsidy and then add five to seven branches annually to expand its network to 20 branches in a short period.
Vietnam now is home to five operational wholly foreign-owned banks, which are ANZ
Bank Vietnam, Hong Leong Bank Vietnam, HSBC
Vietnam, Shinhan Bank Vietnam, and Standard Chartered Bank (Vietnam). HSBC Vietnam is the largest overseas bank in the country with a registered capital of nearly $335 million.