The Chinese subsidiary of South
Korea-based Woori Bank is to roll out Renminbi-denominated debit
card services, becoming the first South Korean bank to do so.
According to the bank, the move is part of a
strategy to localise its operations and diversify its product
Woori Bank China launched in the country in
2007 and has four branches. At the end of April, its total assets
had grown to $1.59 billion.
Woori’s Chinese ambitions are part of its
global expansion drive, entitled ‘Global 10200’, under which it is
aiming to expand its international branch network to 200 outlets by
2010. In China, the bank has targeted 53 branches; in the US, the
bank is looking to open 30 branches.
Woori has also established a branch presence
in Hong Kong, Vietnam, Singapore, Indonesia, Bangladesh, India,
Dubai, Bahrain and Kazakhstan.