Woori Bank, a subsidiary of Woori Financial Group, announced on November 22 that WB Finance, a Cambodian subsidiary of Woori Bank, has obtained commercial bank approval from the Cambodian Central Bank.
After acquiring the local Woori Finance Cambodia in 2014, Woori Bank expanded its business area by additionally acquiring a local savings bank (WB Finance) in 2018.
Woori Bank expanded its retail business by merging the two companies in 2020. In addition, the company laid a solid foundation for growth with a US$100 million capital increase.
WB Finance has 138 branches and 3,700 local employees, mainly in Phnom Penh, the capital of Cambodia, and maintains a high annual growth rate of 50 percent.
With the acquisition of the commercial bank itself, WB Finance can provide comprehensive financial services such as expanding its business scope to the overall banking industry, including corporate finance, foreign exchange, and credit cards.
WB Finance has come to provide better financial services to local customers, such as reducing procurement costs due to the increase in credit rating, increasing the limit of loans and deposits, and providing digital banking services using mobile.
“After all preparations are made in digital, IT, risk, and internal control, WB Finance will be officially launched as ‘Woori Bank Cambodia’ in January 2022," said Kwon Kwang-seok, president of Woori Bank. "WB Finance will do its best to grow into 'Cambodia's Top 3 Bank' in the mid- to long-term.”
