Woori Bank obtains German branch license for expansion

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Woori Bank obtains German branch license for expansion

Woori Bank said Tuesday it has obtained approval from the German Federal Financial Supervisory Authority and the European Central Bank to open a branch in Frankfurt.

The unit will act as a base for entry into other European countries, such as France and Luxemburg, the company said.

Woori’s overseas expansion efforts have so far been focused on Asian countries, such as Cambodia, Vietnam and Indonesia.

The branch will primarily be engaged in corporate finance and investment activities. Woori will staff the office with experienced bankers from Korea and Europe, according to a statement by the bank.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
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