Lotte Card Signs Strategic Business Partnership Agreement with Woori Bank

Signing a Business Consignment Agreement to Share Sales and Service Channels

Jo Jwa-jin, CEO of Lotte Card (left), and Kwon Kwang-seok, President of Woori Bank (right), are taking a commemorative photo after signing a "Strategic Business Partnership Agreement" for joint financial product development and marketing cooperation at Woori Bank headquarters in Jung-gu, Seoul, on the 21st.

[Asia Economy Reporter Ki Ha-young] Lotte Card announced on the 21st that it signed a 'strategic business partnership agreement' with Woori Bank at Woori Bank's headquarters in Jung-gu, Seoul, to jointly develop financial products and cooperate on marketing.

The signing ceremony was held with key officials from both companies, including Cho Jwa-jin, CEO of Lotte Card, and Kwon Kwang-seok, President of Woori Bank. The two companies agreed to enter into a consignment contract related to products and services, and to maintain broad cooperation including launching affiliate products, conducting joint marketing, and sharing sales networks.

First, the two companies plan to introduce various affiliate products starting this month with a co-branded credit card equipped with Woori Bank's deposit and withdrawal functions and a savings product called 'Woori Magic Savings by Lotte Card' offering an annual interest rate of up to 7%.

Through this agreement, Lotte Card has instantly secured a wide and stable customer acquisition channel with 819 Woori Bank branches nationwide. The company expects to expand its reach, narrow the gap with financial service customers, secure member diversity, and strengthen market competitiveness.

Going forward, Lotte Card customers will be able to subscribe to products or make inquiries not only at existing Lotte Card centers but also at Woori Bank branches nationwide.

Cho Jwa-jin, CEO of Lotte Card, said, "This strategic business agreement marks the beginning of a strong and sustainable partnership between the two companies and signals the creation of convergence synergy. We will help customers lead wise financial lives by providing innovative services utilizing both companies' sales infrastructure, financial, consumption, and distribution data, and digital channels."