Woori Bank president and CEO Soon Woo Lee said that Woori Bank’s Chennai branch would be the maiden branch in India and would be the head office for its banking in the country.
The bank stopped its plan to enter into Indian market, due to the market crunch of 2007, and has now implemented its plans to focus mainly on corporate banking sector in India.
"Later, we will focus on localization accommodating to the needs of the locals – Indian companies and customers," Lee said.
More than 170 Korean companies are currently operating in Chennai.
The Korean bank has provided $35m capital for its Indian operations with an aim to strengthen its relation with Korean firms across India.
Commenting on the entry of Woori Bank in India, RBI regional director N S Vishwanathan said that Woori Bank will be the second foreign bank after the Bank of Ceylon that the RBI Chennai will be directly regulating and monitoring.
