Woori Bank enters India, opens first branch at Chennai
April 18, 2012‐ Chennai, India
One of the oldest and largest banks in South Korea Woori Bank has set up its first branch at Chennai in India. President and Chief Executive Officer of Woori Bank Soon Woo Lee said that the Bank has chosen Chennai to set up its first branch in the country as the city houses more than 170 Korean companies like Hyundai Motor, Lotte and Samsung.
The Bank carried a due-diligence in India in 1997, but had to put off their plans to enter the country due to the economic crisis in Korea in 1998. They re-opened the process in 2010 and received the approval from the Reserve Bank of India in September 2011.
The Bank intends to bring in a capital of $35 million into the country.
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