Woori Bank (000030) has marked 30 years in Bangladesh. The lender was the first South Korean bank to enter the country, supporting the growth of Korean companies there, and has sustained steady expansion as local customers grew to account for more than 70% of its client base.
Woori Bank said on the 1st that CEO Jung Jin-wan hosted a ceremony marking the 30th anniversary of the Dhaka branch at the Sheraton Dhaka on the 30th of last month.
Woori Bank opened a branch in Bangladesh in 1996, the first among South Korean banks. It is the only bank from the three East Asian countries of South Korea, Japan and China still operating in the market, with 147 employees working across nine branches and sub-branches.
The bank has steadily widened its local business base over the three decades. Operating revenue grew an average 24% a year over the past three years, and net operating revenue reached 23 billion won ($16 million) in the first half of this year. The share of local customers has risen to 73%, which the bank says gives it a stable business foundation. Woori has also pushed to strengthen its digital finance capabilities, launching mobile-only deposit products and joining the development of the country's national standard QR payment system.
Jung held a separate meeting with the governor of Bangladesh Bank, the country's central bank, to discuss ways to deepen cooperation. Jung and Governor Mostakur Rahman agreed to expand financial cooperation between the two countries, building on the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA) signed in August.
"We will continue to support the local growth of Korean companies through stable corporate banking, localization and digital innovation," Jung said. "We will also help advance Bangladesh's financial industry as we prepare for a new 30 years."
