November 21, 2024

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Woori Financial Group Chairman Yim Jong-yong (left) and Tata Motors Executive Director Girish Wagh pose for a photo during a partnership signing ceremony held at Woori's headquarters in Seoul on Thursday. (Woori Financial Group)

Woori Financial Group on Thursday announced a new partnership with Indian auto giant Tata Motors as part of its strategy to expand its presence in the global auto finance market.

Woori Financial Group Chairman Yim Jong-yong and Tata Motors Executive Director Girish Wagh held an agreement signing ceremony for business cooperation at Woori’s headquarters in Seoul on Thursday.

Tata Motors is a flagship subsidiary of India's top conglomerate Tata Group, accounting for around a third of the group's total $128 billion revenue. The firm, which manufactures cars, trucks, buses and utility vehicles, as well as providing, eco-friendly solutions, is the market leader in commercial vehicles in India and ranks third in passenger cars. It has also been actively expanding its global presence, with operations in regions including the UK, South Korea, Indonesia and Thailand.

The latest agreement builds on Tata Motors' strategic partnership with Woori Financial Capital signed in December. Under that agreement, the Woori subsidiary agreed to provide financing for Tata Daewoo, the Indian firm's Korean affiliate, offering specialized products for Tata Daewoo's customers.

The two companies plan to first expand their cooperation to regions where Woori Financial already has a presence, such as India, Vietnam and Indonesia. Additionally, they will extend their partnership beyond the domestic market to include Tata Motors’ affiliates and vendors, thereby reinforcing Woori Financial’s role as Tata Motors' global financial partner.

"We acknowledge the great trust and support the Indian people have for Tata Group," Chairman Yim said Thursday, adding, "The partnership between Woori Financial Group and Tata Motors will mark a significant opportunity for both companies' global market expansion."

By Choi Ji-won (jwc@heraldcorp.com)