Korean banks expand presence in Asia

Woori Bank China's newest branch in the southern tech city of Shenzen / Courtesy of Woori Bank

Lenders switch to targeting local companies, retail customers

By Kim Bo-eun

Local banks are expanding their operations in Asia as they increasingly turn to overseas markets for new business opportunities.

In the past, the overseas operations of Korean lenders mainly involved the provision of services for Korean companies stationed abroad. But lenders are now targeting overseas customers in wholesale and retail banking.

Woori Bank's subsidiary in China recently opened a new branch in the southern tech city of Shenzhen. This is Woori's third bank branch to open in Shenzhen, backed by growth in demand for its banking services there.

The Shenzhen Special Economic Zone is one of China's three major cities along with Beijing and Shanghai and its per capita GDP exceeds $27,000.

The newest branch is comprised entirely of local employees, including the branch head, as part of Woori's attempt to seek business opportunities with local companies.

"The opening of a third branch shows the growing demand for banking services in Shenzhen," a Woori Bank official said.

"Woori Bank China has seen its earnings recover rapidly since the outbreak of the COVID-19 pandemic, backed by efforts to attract local companies and retail customers in 2021. We expect the newest branch in Shenzhen to contribute significantly to boosting local sales operations."

Woori now has a total of 22 branches in major cities in mainland China, including Beijing, Shanghai, Tianjin and Suzhou.

Globally, the bank operates in the U.S., China, Hong Kong, Russia, Indonesia, Myanmar, the Philippines, Vietnam, Cambodia, Germany and Brazil.

KB Kookmin Bank CEO Lee Jae-keun, center, poses with the lender's executives at an event marking the Singapore branch's opening, at Kookmin's headquarters in Yeouido, Seoul, Wednesday. Courtesy of KB Kookmin Bank

Meanwhile, KB Kookmin Bank opened a branch in Singapore earlier this week. The lender obtained a wholesale banking license to operate there.

"The Singapore branch will serve as a base of KB Kookmin Bank's operations in the Asia Pacific region," KB Kookmin Bank CEO Lee Jae-keun said.

KB Kookmin Bank has operations in China, Cambodia, Myanmar and Indonesia.

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