Woori Bank announced on October 18 that Bank Woori Saudara will open a "Pekanbaru Branch" in Pekanbaru, the capital city of Riau, Sumatra, the second largest city in Indonesia in terms of economy and population after Java.
With the continuous opening of branches, Bank Woori Saudara has a network of 160 branches across Indonesia. The bank has achieved outstanding growth, profitability, and soundness performance, with an average annualized asset and net profit growth rate of more than 10% and an ROE of more than 10%, and has grown to become a top 20 mid-sized bank by assets with US$3.6 billion in assets and 1,600 employees as of Q2 2023.
Building on the corporate banking foundation it had established since its initial entry in 1992, Woori Bank merged with Saudara Bank, a local retail-focused bank, in 2014 to form Bank Woori Saudara. The bank is characterized by a balanced business portfolio with a 50:50 split between corporate and personal banking.
"Indonesia is a high-potential country with the world's fourth largest young population and abundant resources," said a Woori Bank official. "With active support and investment, we will grow Bank Woori Saudara beyond being the leading Korean-American bank in Indonesia to become one of the top 10 local banks."
Meanwhile, in August, Bank Woori Saudara was recognized as the "Best Bank for 28 consecutive years" by Indonesian financial publication Infobank magazine, making it the only Korean-American bank to win the crown trophy.
