Woori Bank announced on Feb. 14 that Bank Woori Saudara has acquired the "BUKU3" rating from the Indonesian Financial Supervisory Service (OJK).
Indonesia categorizes the BUCKU1 to BUCKU4 groups according to the size of their capital, and the bank with "BUCKU 3" rating will expand its business scope as the rating is more than 5 trillion rupiahs (397 billion Korean won).
Bank Woori Saudara's basic capital at the end of last year was 5.2 trillion rupiahs (413 billion won), meeting the promotion requirements of "BUKU3," and was recently officially approved by the Indonesian Financial Supervisory Service.
With this, the bank plans to further expand its business area by strengthening its Bancassurance operations and adding securities trust services.
“Bank Woori Saudara's acquisition of the 'BUKU3' rating was the result of its diversification of the digital finance-oriented business and quality growth of its asset portfolio despite difficult economic conditions due to the spread of COVID-19. We will continue to provide differentiated financial services with customers as our top priority," said a Woori Bank official.
Meanwhile, Bank Woori Saudara, which was created by the merger of Woori Bank's Indonesian subsidiary and local bank Saudara Bank in 2014, has the largest number of stores (153) among Korean banks, providing various financial products and services such as personal, corporate and foreign exchange services.
In addition, in November last year, it was the only Indonesian commercial bank to be selected as the "best bank for 25 consecutive years" in the 2020 bank evaluation by Indonesia's most prestigious financial magazine Infobank Magazine.
