WOORI BANK ADDS TWO NEW BRANCHES, TO EXPAND PRESENCE IN INDIA

Mumbai: Woori Bank has expanded its operations in India by opening two new branches in Pune and Ahmedabad. These branches add to the bank's existing presence in Chennai, Gurgaon, and Mumbai. The expansion is part of the bank’s plan to increase its services to corporate and retail clients across key cities in India.

A bank spokesperson said that the Korean lender is looking at opening more branches and tap local customers for business. "The bank plans to continue its expansion in the country, with further branch openings expected in the coming years. This expansion is part of Woori Bank's long-term vision to become a leading financial institution in Asia, leveraging its expertise and experience to offer innovative banking solutions to customers across the region," said the spokesperson.

Woori Bank offers a range of services, including savings deposits, current deposits, fixed deposits, and corporate banking products such as term loans and working capital loans. The bank’s total balance sheet is Rs 5,765 crore, with loans totaling Rs 2,600 crore.

The bank has a Tier 1 capital fund of Rs 900 crore and facilitates foreign direct investment for Korean companies while arranging external commercial borrowings for Indian entities. Woori Bank plans to continue expanding its reach in India.

Woori Bank is a part of the Woori Financial Group, which is the fourth-largest financial holding group in South Korea. In May, WFG and Tata Motors entered into an agreement for auto loans. The memorandum of understanding (MoU) follows a contract between Woori Financial Capital and Tata Daewoo Commercial Vehicles, a subsidiary of Tata Motors, with the aim of increasing auto loans.