ID :
185712
Wed, 06/01/2011 - 05:51
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Shortlink :
https://oananews.org//node/185712
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Woori Finance seeks to set up bank unit in Cambodia
SEOUL, June 1 (Yonhap) -- Woori Finance Holdings Co., South Korea's second-largest banking group by assets, said Wednesday that it is seeking to establish a bank unit in Cambodia jointly with the government of the Southeast Asian country.
Woori Finance and the Cambodian government are pushing to jointly pool US$50 million in capital in order to set up a local bank there, the banking group said.
"Through negotiations, the size of capital could be further expanded," a Woori Finance official said.
The official added the company's chairman, Lee Pal-seung, plans to fly to Cambodia during June in order to fine-tune the conditions of the bank establishment plan with Cambodian Prime Minister Hun Sen.
Since 2008, Woori Finance has been seeking to make inroads into the Southeast Asian country where its rival groups KB Financial Group Inc. and Shinhan Financial Group Co. are currently operating bank units.
Woori Finance and the Cambodian government are pushing to jointly pool US$50 million in capital in order to set up a local bank there, the banking group said.
"Through negotiations, the size of capital could be further expanded," a Woori Finance official said.
The official added the company's chairman, Lee Pal-seung, plans to fly to Cambodia during June in order to fine-tune the conditions of the bank establishment plan with Cambodian Prime Minister Hun Sen.
Since 2008, Woori Finance has been seeking to make inroads into the Southeast Asian country where its rival groups KB Financial Group Inc. and Shinhan Financial Group Co. are currently operating bank units.
