Woori Bank Marks 30 Years in Bangladesh: "Opening a New 30-Year Chapter Through Localization and Digital Innovation"

[Financial News] Woori Bank held a ceremony to mark its 30th anniversary in Bangladesh and is preparing for a new 30-year chapter based on its localization strategy and digital innovation. 
Woori Bank announced on the 1st that it held a ceremony marking the 30th anniversary of the opening of its Dhaka branch at Sheraton Dhaka in Bangladesh on the 30th of last month. 
The event was attended by key figures, including Woori Bank President Jin-owan Jung, Bangladesh's finance minister and a deputy governor of Bangladesh Bank, as well as executives of Korean companies operating in the country. They reviewed the bank's achievements over the past 30 years and pledged to work together toward a new leap forward.
Opened in 1996 as the first branch of a Korean commercial bank in Bangladesh, Woori Bank's Dhaka branch is the only bank among those from Korea, China and Japan to have continued local operations. Since entering the market, it has expanded its business mainly through trade-based corporate finance and now employs 147 people across nine branches and offices.
The Dhaka branch has also recorded clear growth since its opening. Operating revenue increased at an average annual rate of 24% over the past three years, and the branch posted KRW 23 billion in net operating revenue in the first half of this year. Its financial soundness has also remained stable. The branch has maintained an 'AAA' rating, the highest credit rating disclosed by Bangladesh Bank, building trust in the local financial market.
Its localization efforts have also produced notable results. Initially focused on providing financial support to Korean companies, the bank has expanded the share of local customers to about 73%, establishing a stable foundation for growth. It is also accelerating efforts to strengthen its digital competitiveness in line with local financial conditions by launching a mobile-only deposit product and participating in the development of the country's standard QR payment system.
Woori Bank is also actively returning the benefits generated through its business operations to the local community. Since 2023, it has annually allocated part of its profits to anemia prevention and treatment programs, pursuing financial support and social contribution efforts together. 
Jung said, "Going forward, we will support the growth of Korean companies in the local market through stable corporate finance support, localization and digital innovation. At the same time, we will contribute to the development of Bangladesh's financial industry and prepare for a new 30 years by growing together with our customers."
Meanwhile, Jung visited Bangladesh Bank that day and met with Governor Md Mostaqur Rahman to share the history and achievements of Woori Bank's Dhaka branch. In particular, following the agreement in principle reached in August on the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA), they exchanged views on expanding financial cooperation between the two countries. Jung also conveyed that Woori Bank would strengthen its role from a long-term perspective.

[email protected] Hyun-jung Lee Reporter