Woori Bank, South Korea's second-biggest bank by assets, said Sunday it has won final approval to take over a Philippine-based bank, in line with its efforts to tap deeper into overseas markets.
The South Korean bank said it has won a nod from the Central Bank of the Philippines to purchase a 51 percent stake in the Wealth Development Bank. Woori Bank said it plans to complete the procedures in the first half of 2016.
Established in 2002, the Wealth Development Bank boasts US$170 million in assets, with 16 branches that employ 300 employees.
Woori Bank said it aims to tap deeper into the Philippine financial market through cooperation with Vicsal, another major shareholder of the Wealth Development Bank.
"Following the deal, Woori Bank now has 225 networks overseas.
Through our customized overseas strategy, we aim to expand the number of networks to 400 by the end of this year," the South Korean lender said. (Yonhap)