Woori Bank is opening an Asia regional headquarters in Singapore and moving to strengthen its global investment banking business competitiveness. It plans to build a hub overseeing major overseas networks in Asia to expand synergies in corporate finance and local sales.

Woori Bank said on May 29 it held an opening ceremony for the "Asia regional headquarters" in Singapore on May 26 and is stepping up efforts to target Asian markets.

Woori Bank established the Asia regional headquarters in Singapore in January. The headquarters oversees four branches in Singapore, Hong Kong, Tokyo and Sydney, as well as three local subsidiaries in Vietnam, Indonesia and Cambodia.

The regional headquarters will serve as a global base supporting the execution of sales strategies in Asia and cooperation among overseas channels.

Woori Bank plans to use the launch of the regional headquarters to strengthen competitiveness in corporate finance and investment banking operations, focusing on corporate clients expanding into Asia.

It also plans to improve the expertise and speed of local decision-making based on its own screening staff and to respond actively to on-site support demand in IT and digital areas at its Southeast Asian subsidiaries.

Kim Tae-soo (김태수), head of Woori Bank's Global Strategy Department, said, "The Asia regional headquarters is an organisation set up to enhance strategic execution for the Asia business and strengthen work efficiency, soundness and risk management." He added, "We will strive to expand the global earnings base and continue substantive qualitative growth."