Woori Bank said Sunday it integrated two of its subsidiaries in Cambodia, as a means to grow into a leading financial firm in the Southeast Asian country.
According to the lender, it received approval from the Cambodian financial authorities to merge Woori Finance Cambodia, a micro finance institution, into WB Finance, Woori’s savings bank unit there.
The merger made Woori’s Cambodian unit the fifth largest among savings banks in the Southeast Asian country in terms of total assets and earnings. Woori plans to turn WB Finance into a commercial bank in the long term.
© 2020, All rights reserved.