14:36 | 12/08/2016 Finance - Banking
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.
Woori Bank wins preliminary approval to set up its unit in Vietnam (Photo: businesskorea.co.kr)
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 persify 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./.