Woori Bank

Woori Bank () is a Korean multinational bank headquartered in Seoul. It is one of the four largest domestic banks in South Korea and has a strong presence in commercial banking and corporate finance in South Korea. Tracing its roots to the Daehan Cheon-il Bank, founded in 1899, it went through multiple transformations until adopting its current name in 2002. By then, it was South Korea's second-largest bank, behind Kookmin Bank.

As of 2020, Woori ranks 95th among the largest banks in the world in terms of total assets with 311,852 billion in USD as of the end of 2019.

History

Woori Bank traces its origins to the establishment of Daehan Cheon-il Bank in 1899, subsequently renamed Joseon Commercial Bank in 1911 and Korea Commercial Bank in 1950. Woori Bank's Jongno branch is located in the Gwangtonggwan building, which is considered the oldest continuously operating bank building in Korea. On March 5, 2001, the branch was registered as a Seoul City Historic Landmark.

Following the 1997 Asian financial crisis, Korea Commercial Bank merged with Hanil Bank to become Hanvit Bank, simultaneously with a public capital injection that made the Korean government the dominant shareholder, then in 2001 with Peace Bank, and adopted the name Woori Bank in 2002. In 2014, after some amalgamation proceedings related to its parent company, Woori Bank absorbed Woori Financial Group.

The privatization process was a protracted effort. The Korean government reduced its equity holding in Woori Bank in stages, selling a 29.7 percent block in November 2016, another 9.3 percent in November 2021, and its residual holding in March 2024.

Business Branches The following lists all major offices and branches. All data are as of the end of January 2018 for Overseas and June 2020 for South Korea.

Domestic

Number of branches and offices: 862

Overseas

United States as Woori America Bank (multiple locations) Through its subsidiary, Woori America Bank, the bank provides a specialized "Pre-Opening Account Service." This service allows South Korean nationals, including international students (F-1) and expatriates (L-1/E-2), to establish a U.S. bank account and transfer funds before relocating to the United States. London, United Kingdom Singapore Tokyo, Japan Hanoi, Vietnam; Ho Chi Minh, Vietnam Bahrain, Bahrain Dhaka, Bangladesh Chennai, India Manila, Philippines as Wealthbank (Woori Bank Subsidiary) A Development Bank Dubai, UAE Sydney, Australia Jakarta, Indonesia as Woori Saudara Bank Moscow, Russia; Saint Petersburg, Russia as Woori Bank Russia Beijing, China as Woori Bank of China Limited Hong Kong, China, as Woori Investment Bank São Paulo, Brazil as Brazil Woori Bank Yangon, Myanmar as Woori Finance Myanmar Phnom Penh, Cambodia as Woori Finance Cambodia Kuala Lumpur, Malaysia (Office) Teheran, Iran (Office) Kaesong Industrial Complex, North Korea (former)

In 2004, Woori Bank opened its Gaeseong Industrial Complex branch, in Gaeseong, North Korea, the first foreign bank to do so in North Korea. Woori Bank has operations in Bangladesh, India and Indonesia. On 14 March 2012, its Indonesian subsidiary, Bank Woori Indonesia, announced a plan to merge with a local bank, Bank Saudara."Bank Saudara and Woori Indonesia Set to Merge", The Jakarta Globe, 14 December 2012 In April 2012, Woori Bank opened its first branch in India at Chennai.

In August 2025, Woori Bank opened a branch in Austin, Texas, United States, becoming the first Korean bank to establish a foothold in the city. This marked Woori’s third branch in the southern United States, following Dallas, Texas and Duluth, Georgia.

Clientele Woori Bank has major clientele from all over South Korea, including but not limited to: Samsung Electronics, CJ Group, Hanwha, Korea Institute of Science and Technology (KAIST), Pohang University of Science and Technology (POSTECH), Yonsei University, and Korean University of Foreign Studies (HUFS).

Woori Bank

Bron en licentie