Woori Bank, the country’s third-largest commercial lender by assets, said Tuesday it had opened an office in the Russian port city of Vladivostok as a growing number of companies are expected to enter the market in line with Moscow’s regional development plan.

The office, the first in the area to be operated by a Korean bank, will mostly focus on providing corporate finance to South Korean companies, Woori Bank said in a press release.

The Vladivostok office is Woori Bank’s third local unit in Russia. The lender established local subsidiary ZAO Woori Bank in January 2008 and added a branch in St. Petersburg in August 2011. (Yonhap)