Woori Bank to Open Two Additional Branches in India Next Year

Pune and Ahmedabad Branches Obtain Preliminary Approval for Opening

Woori Bank will open two additional branches in India, an emerging growth market. On the 31st, Woori Bank announced that it recently obtained preliminary approval from the Reserve Bank of India to open branches in Pune and Ahmedabad, with plans to open them in the first half of next year.

Starting with the Chennai branch in 2012, Woori Bank opened branches in Gurgaon (Delhi) and Mumbai in 2017. With the new branches opening in the first half of next year, Woori Bank will establish a total of five branches across India.

Pune is a key city in India’s western automobile industry belt, home to production plants for both Indian and foreign automobiles, as well as numerous Korean automotive parts partners such as POSCO and LG Electronics. Woori Bank plans to actively provide financial support to Korean companies there.

Ahmedabad is the world’s largest petrochemical complex and India’s top port area in terms of export share, hosting 224 large industrial complexes and 26 SEZs (Special Economic Zones). Woori Bank intends to conduct vigorous business activities targeting local leading companies in this area.

A Woori Bank official stated, “India is the biggest beneficiary of the global supply chain restructuring and a mega emerging growth country where large-scale investments by global and domestic companies are taking place. With this preliminary approval, Woori Bank will grow alongside the Indian economy and leap forward as Asia’s number one global financial institution.”