Woori Bank finalises Wealth Development Bank acquisition
(2 June 2016 – South Korea) South Korea’s second-biggest bank by assets, Woori Bank, has announced receiving final approval to take over Philippine-based bank, Wealth Development Bank.
The lender said it was given the green light from the Philippines’ central bank to purchase 51 percent stake in Wealth Development Bank. It expects to complete the takeover procedures in the first half of this year.
Wealth Development Bank boasts US$170 million ($234 million) in assets with 16 branches and more than 300 employees in the Philippines.
The South Korean bank said it will continue to look for more opportunities in the Philippine financial market through cooperation with another major shareholder of Wealth Development Bank, Vicsal.
The acquisition raises Woori Bank’s overseas networks to 225 and the bank seeks to expand its number of networks to 400 by the end of 2016.
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