Woori Bank Signs MOU with Seven Eleven for Win-Win Finance and New Business Partnership

Expansion of Mutual Growth Loans to Include Existing Convenience Store Owners and Prospective Entrepreneurs

Kwon Kwang-seok (right), President of Woori Bank, is taking a commemorative photo with Choi Kyung-ho (left), CEO of Seven Eleven.

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 4th that it has signed a 'win-win finance and new business partnership agreement' with convenience store Seven Eleven, operated by Korea Seven.

At the signing ceremony held that day, key officials including Kwon Kwang-seok, President of Woori Bank, and Choi Kyung-ho, CEO of Seven Eleven, attended and agreed to accelerate support for win-win finance and digital convergence partnerships.

Through this business agreement, the win-win loan, which was previously offered at low interest rates to existing Seven Eleven franchise owners, will be expanded to prospective franchise owners wishing to start convenience stores, and new products will be developed. The win-win loan is a product launched in 2018 when Seven Eleven partnered with Woori Bank to create a win-win fund of approximately 100 billion KRW, supporting part of the loan interest for franchise owners.

Additionally, they plan to actively collaborate to develop customized supply chain finance products by combining Woori Bank’s corporate finance expertise with Seven Eleven’s extensive distribution data, and to promote joint marketing using big data, fostering mutual growth in new business areas.

President Kwon stated, “Through this agreement, I hope to provide great support to Seven Eleven’s franchise owners by offering various financial services including win-win loans,” and added, “We will provide differentiated customer services through digital convergence partnerships between finance and distribution.”