Woori Bank Opens First Korean Bank Branch in Austin, Texas

Austin Becomes Woori Bank's Third Southern U.S. Hub
Supporting Korean Businesses and Communities in Texas
Expanding Financial Services Ahead of the Korea-U.S. Summit

Woori America Bank, the U.S. subsidiary of Woori Bank, opened a branch in Austin, Texas on August 15 (local time), becoming the first Korean bank to establish a branch in the city and commencing operations.

According to the financial industry on August 17, Woori Bank began conducting market research in the Austin area in 2023 and, after two years of preparation, has now opened the branch.

The Austin branch plans to provide essential financial services such as account openings, remittances, and loans, to help Korean companies entering the southern United States establish themselves securely.

In addition, by leveraging its network in areas such as accounting, taxation, and legal affairs, the branch will actively assist with the establishment of local corporations and offer services to individuals and Korean expatriates settling in the area.

The Austin branch is Woori Bank’s third foothold in the southern United States, following locations in Dallas, Texas, and Duluth, Georgia.

Previously, Woori Bank opened a loan office in Dallas in 2018 to provide financial support to nearby Korean companies and local businesses, which was upgraded to a full branch in 2020. The bank continued to expand its network by opening a branch in Duluth, Georgia in 2022 and a loan office in Houston last year.

Austin, the capital of Texas, is home to approximately 15,000 Koreans. Samsung Austin Semiconductor entered the city more than 30 years ago, and Samsung Electronics is currently building a large-scale factory in Taylor, near Austin.

Texas is also a hub for advanced industries such as semiconductors, robotics, big data, and artificial intelligence (AI), in which Korean companies have a competitive edge.

Woori Bank emphasized the significance of opening a new branch in the U.S. at a time when investment in the U.S. is expected to increase, ahead of the Korea-U.S. summit scheduled for August 25. The bank is highlighting its commitment to supporting productive finance not only in Korea but also overseas.