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Woori Bank, a major South Korean lender, said Tuesday that it has received authorization from the German financial regulatory authority and the European Central Bank to set up its European entity in Germany.
The bank said its European base in Frankfurt started operation this month, covering corporate finance, investment finance, trade finance, foreign currency remission and retail banking.
The bank aims to focus on new loan offering and euro remittance for Korean businesses operating in the euro zone. A sales team consisting of investment banking veterans and German locals will also be formed to reinforce marketing.
Woori Bank said the establishment of the European entity will give it an easier access to Eastern Europe where many Korean companies run factories as local branches can be added with a simple regulatory procedure.
Woori Bank has a network of 419 overseas banks and branches, the largest among the Korean banks. It is further expanding its presence in Indonesia, Vietnam, Cambodia and India.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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