Woori Financial Group held an event to open the Da Nang branch of Woori Bank in Da Nang, Vietnam, on Nov. 7.
The Da Nang branch opened on Oct. 25 after Vietnam Woori Bank acquired the bank's first foreign bank branch license this year from Vietnam's central bank in September. It is all the more meaningful as it is the first branch opened since Vietnam's central bank began to limit the number of branches of foreign banks in May this year.
Woori Bank entered Vietnam in 1997 by opening a Hanoi branch. Starting with the establishment of Vietnam Woori Bank in 2017, it is rapidly widening its business network across Vietnam, expanding its business scope to include non-face retail operations, asset deposit business and IB arrangement.
Vietnam Woori Bank is seeking to upgrade mobile banking with the aim of opening it in the first half of next year. It will also expand its mobile-focused non-face operations with the provision of a mobile-focused credit loan service based on an artificial intelligence machine learning technology personal credit evaluation model introduced in July.
In addition, Vietnam Woori Bank obtained approval from Vietnam Deposit Depository Intitute last July to handle the asset consignment business. Based on the bank's long experience in asset consignement, the bank will begin its entrusted business in earnest in March next year.
It is the first Korean commercial bank to arrange a syndicated loan for a Vietnamese company through the IB Desk, which was established in August last year.
By the end of this year, the company will complete the opening of its branches in Bien Hoa, Saigon and Vinh Phuc to strengthen its business base in major areas. It plans to expand its network by around five each year to secure more than 20 sales outlets by 2021.
"We will provide investment and support so that Vietnam Woori Bank can become the top foreign bank in Vietnam," said Sohn Tae-seung, chairman of Woori Financial Group. "We plan to support the Vietnamese financial industry in the form of financial groups such as banks, finance, asset management and securities."