Woori Bank, South Korea's second-largest lender by assets, said Tuesday that it has won approval from Vietnam's central bank for setting up a local company in the Southeast Asian country.

Woori Bank, which currently has two branch offices in Hanoi and Ho Chi Minh, said it plans to set up the local unit in the Vietnamese capital city by the end of this year to begin retail banking services.

The bank also said it will expand the number of its branches across Vietnam to about 20 in coming years from the current two. (Yonhap)