November 26, 2024

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Woori Bank's logo (Woori Bank)

Woori Bank, one of South Korea’s top four commercial banks, announced Friday that it has opened a new regional headquarters in Bangladesh that will be in charge of managing six other branches in the country.

The Korean bank said it has turned the Dhaka branch into the country's main headquarters on Tuesday, with the purpose of serving as a control tower of financial management, internal control and risk management, marketing, and consulting service for Korean companies seeking to expand overseas.

Woori Bank was the first bank in East Asia to tap into Bangladesh, launching the first branch in the country's capital city, Dhaka, in 1996.

The bank continued to expand its networks by opening six additional branches in cities including Chittagong, Uttara, Mirpur, Narayanganj, Motijheel, Karwan Bazar. It also opened two customer service centers in the country.

Instead of establishing a new bank, Woori Bank designated the Dhaka branch as the central control tower, since Bangladesh restricts the expansion of foreign banks in the country.

While maintaining its location for over two decades, the Dhaka branch has recorded total assets amounting to nearly 464 billion won ($349.71 million) and an operating profit of some 40 billion won as of 2022. About 130 employees are working in the capital branch office, which also provides a service, dubbed the “Korea Desk,” to help South Korean companies expand their businesses into Bangladesh.

“With the new Bangladesh regional headquarters, Woori Bank aims to strengthen services for Korean enterprises and gain a foothold as Asia’s No.1 bank,” said the bank official.

By Mun So-jeong  (munsojeong@heraldcorp.com)