Woori Bank said on October 16 that it obtained permission to establish a European corporation from the German Financial Supervisory Service and the European Central Bank.
Woori Bank has laid the groundwork for full-scale operations in the EU by obtaining permission to establish a European corporation.
Woori Bank Europe is established in Frankfurt, Germany, the center of the European economy and finance, and will open in October.
Under the "Single Passport Rule," establishing a local corporation in a EU-based country would allow the establishment of branches in other EU countries through simplified procedures, making financial institutions more accessible to Eastern Europe, where many Korean companies are operating.
Global financial institutions are also moving to other EU regions including Germany, France and Luxembourg in preparation for Brexit.
Woori Bank`s European subsidiary plans to expand its outstanding assets and non-interest income through facility loans to Korean companies in the EU, participation in local corporate syndication and brokerage of the euro.
Possible tasks include corporate finance, investment finance, export and import finance, foreign currency transfer center and retail operations.
"We have completed the European Financial Belt, which leads to European corporations, London branch of the UK, and Katobiche office in Poland, and are planning to accelerate our advance into the European market," a bank official said. "Woori bank is expanding its overseas operations by connecting Asia, the Middle East, Europe and the United States."
Woori Bank has the largest number of domestic financial institutions with 419 overseas networks. It is expanding its network of local corporations such as Indonesia, Vietnam, and Cambodia, and is also pushing to establish local companies such as India.