Woori America Bank Opens Duluth Branch in Georgia State

[Asia Economy Reporter Yu Je-hoon] Woori Bank announced on the 27th that its U.S. local subsidiary, Woori America Bank, has opened a branch in Duluth, Georgia.

The opening ceremony was attended by key figures including Shin Hyun-seok, head of Woori America Corporation; Park Yoon-joo, Consul General of the Atlanta Consulate; Lee Hong-gi, president of the Atlanta Korean Association; Park Seon, president of the Atlanta Korean Chamber of Commerce; as well as representatives from local Korean companies and branches.

Since its first entry in 1984, Woori America Bank has expanded its operations based in the East Coast regions such as New York and New Jersey to major areas including California and Texas, currently operating a total of 25 networks consisting of 21 branches and 4 loan production offices.

Georgia is a key production base for electric vehicle batteries in the U.S., and is an active region for investments and entries by major Korean electric vehicle-related companies such as SK Innovation, Hyundai Motor, and Kia. Woori America Bank established a Loan Production Office in Georgia in 2015, building a business base targeting local branches and Korean customers.

A Woori Bank official stated, "Investments by major local IT companies, electric vehicle-related companies, and Korean companies are expanding in Georgia, and the population continues to increase, which led to the opening of the Duluth branch." He added, "The Duluth branch is expected to make a significant contribution to revitalizing local operations by providing full banking services such as deposits, loans, and foreign exchange to Koreans, locals, and Korean-affiliated branches."

Meanwhile, Woori America Bank employs about 250 local staff and has maintained solid performance, recording total assets of $3.2 billion, operating income of $22 million, and net income of $7 million as of the first quarter of this year.