Home Finance News Woori Bank Consolidates Its Two Cambodian Subsidiaries Into WB Finance

Woori Bank Consolidates Its Two Cambodian Subsidiaries Into WB Finance

The Woori Bank of South Korea recently merged two of its subsidiaries WB Finance & Woori Finance Cambodia. The two of its companies are merged into a company that will be called by name, WB Finance Co. The bank would easily penetrate into the financial markets of Cambodia by strengthening its unit of savings bank WB Finance along with the microfinance company, Woori Finance Cambodia.

Woori Bank is also planning to change WB Finance to a commercial lender in order to offer an exhaustive range of services in finance for the market.

The lending institution first arrived in Cambodia in the month of July 2014, following its buyout of Cambodia’s Woori Finance. The growth figures of the company surged 12-fold while the net profit surged 14-fold through the past couple of years ever since the buyout happened. To expand the scope of the retail business, it even bought the WB Finance savings bank in the month of June 2018.

The stable developments of the two firms stimulated its Cambodian operation profits. The net profits grew from 2017’s $4 million to 2019’s $17 million. An official from the bank commented,

The combined assets and profits of the merged entity ranked fifth among savings banks in Cambodia.

 

Marisol Contreras
Marisol Contreras
Marisol is a crypto analyst and crypto trader. She invests in various cryptocurrencies and has a great idea about the finance market. She works as a chief editor of our team and makes the latest crypto news. She can be contacted by email: marisol@forexnews.world.

Must Read

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to...

Everything You Need to Know About Forex Scams

Foreign trading or forex trading is the trading of different foreign currencies listed in a pair known as forex pairs. The parties involved in...

Following The Success Of Covesting’s First Five-Star Trader

Weeks ago, a challenge was put out amongst the trading community: try to become the first five-star Covesting trader. At the time, the feat...

THINK OF AD WORLD: THINK OF GLADIO.COM

From how to look, what to wear, what to eat, what to drive, almost everything in our lives is taken care of. That is...

Coinitix Makes it Possible for Users to Buy Bitcoin Using Credit Cards

People interested in investing in cryptocurrencies always felt a void when using credit cards to buy Bitcoins through a secure exchange. But now, things...