, Korea
337 view s

Woori Bank enters Philippine market with acquisition of local lender

It has acquired a thrift bank.

South Korea's second-largest bank by assets revealed that it has entered the Philippine market, following the acquisition of a 51% stake in local lender Wealth Development Bank.

Woori Bank said in a statement that it has received final approval from the Bangko Sentral ng Pilipinas (BSP) for the acquisition. The size of he deal was not disclosed.

Wealth Development Bank has USD170 million in assets and has 16 branches in the Philippines. Woori said that it is looking for more opportunities in the Philippine market through partnerships with Wealth Development Bank's other major shareholder, Viscal Financial.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!