Woori Bank opens regional headquarters in Bangladesh
Bo-Hyung Kim
Nov 03, 2023 (Gmt+09:00)
The headquarters of Woori Bank in Seoul South Korea's Woori Bank announced on Friday it opened its new regional headquarters in Bangladesh.
In 1996, the bank launched its first branch in Bangladesh in Dhaka. It has expanded local businesses. The Dhaka branch has recorded significant growth, with assets totaling 464 billion won ($348 million), a dedicated workforce of 130 employees, and business revenue reaching 40 billion won by the end of last year.
Faced with regulatory constraints on foreign banks creating local entities in Bangladesh, Woori Bank's strategic establishment of the regional headquarters circumvents these challenges by managing seven business locations including the Dhaka branch.
The headquarters is set to function as a central control tower, focusing on crafting marketing strategies, managing finances, and developing and overseeing internal control processes.
It will also offer crucial financial advisory services to South Korean companies operating in the region.