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BRANCH BANKING | Staff Reporter, Korea

Woori Bank acquires financial institution in Cambodia

The bank renamed the combined entity as WB Finance.

South Korea’s Woori Bank has acquired financial institution VisionFund Cambodia after meeting government regulatory requirements, reports The Korea Times.

VisionFund Cambodia provides loans to retail investors and companies.

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"With the acquisition, the bank has renamed the combined entity as WB Finance," Woori Bank said in a statement. 

Woori joins other Korean lenders who have been turning to overseas deals for further growth against a saturated market back home. Companies in Indonesia, Vietnam, as well as Cambodia have attracted strong interest from Korean banks.

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