Newsnomics AJAY ANGELINA reporter |
Woori Global Bank, established from South Korea is going to launch its two new branches in India, the world’s leading emerging market, said the local lender on Tuesday.
Recently, Woori informed that it obtained preliminary approval from India's central bank to open two new branches in the city of Pune and Ahmadabad in the first half of 2024.
Pune is ranked as the seventh-largest metropolitan economy with a strong industrial base and has the sixth-
highest income per capita in India. Pune is a key hub for India's western automobile industry belt, housing automobile production plants of local and foreign automakers said the local lender. The bank informed that POSCO, Korea’s steel titan and LG Electronics, are among the manufacturers seeking Woori’s financing programs.
The city of Ahmadabad has emerged as an important economic and industrial hub in India that has the world’s largest petrochemical complex and the largest port in India. It contains 224 large industrial complexes and 26 free economic zones. Woori bank is planning to identify and provide financing opportunities for promising local companies in India through launching branch in Ahmadabad.
Addition of two new branches in India will increase the number of Woori’s branches to five including the Chennai branch opened in 2012, Gurugram and Mumbai branches, both launched in 2017.
“India is the largest beneficiary of the global supply chain reorientation and a robust emerging market where
large global and local companies make hefty investments,” a Woori Bank official said.
“The preliminary approval will enable us to grow together with the Indian economy and make a big leap forward as Asia’s top global financial company.”
Woori Bank is a global bank, established from South Korea Since 1899 with total assets of US$384 Billion and a coverage spanning across 713 branches in South Korea and 464 international networks in 24 countries including Cambodia (as of end of 2022).
