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.