Woori Bank becomes first Korean bank to open in Poland

Woori Bank, a leading South Korean commercial lender, has opened a branch in Warsaw, becoming the first Korean bank to establish operations in Poland.

The bank announced Tuesday that it officially launched the branch on Monday, holding an inauguration ceremony attended by company executives and local business representatives.

Woori's expansion into Poland follows eight years after the bank entered the market in 2017 with an office in Katowice. Since then, the lender has supported Korean companies operating in the region.

The firm said its transition to a branch reflects rising financial demand from local businesses, fueled by Poland’s growing role as Europe's key manufacturing hub and its strategic importance in Ukraine's postwar reconstruction amid the ongoing Russia-Ukraine war. Woori began preparations for the branch in late 2023 and secured approval from Poland’s financial regulator in July, officially commencing operations this month.

Poland is Korea's fifth-largest export destination, with a growing presence by Korean companies in the country. Warsaw, as the nation's capital and financial hub, has attracted major Korean conglomerates, including Samsung Electronics, LG Electronics and Hyundai Motor, as well as defense giants Hanwha Aerospace, Hyundai Rotem and Korea Aerospace Industries.

The Polish branch marks Woori's third operational base in Europe, joining its corporate entity in Frankfurt and its banking branch in London. The lender emphasized that the new branch will oversee operations not only in Poland but across the broader Eastern European region.

"This achievement is a milestone for Woori as the first Korean bank to open a branch in Poland, the largest economy in Eastern Europe," said Lee Jung-woo, branch manager. "Driven by Poland’s geopolitical advantages and its role in Ukraine’s postwar reconstruction, we expect more local firms to expand their foothold in the market, and we will be a strong partner for these businesses."