Seoul-headquartered Woori Bank, one of the oldest and largest banks in South Korea, has set up its first Indian branch in Chennai.
Woori Bank chose Chennai as location for its head office since the city houses more than 170 Korean companies, including giants Hyundai Motor, Lotte and Samsung, said Soon Woo Lee, President and Chief Executive Officer, Woori Bank.
Mr. Lee told The Hindu that the bank carried out a due-diligence in India in 1997 but due to economic crisis in Korea in 1998, the bank had to put off the proposal. But it re-opened the process in 2010 and got the approval in September 2011 from the Reserve Bank of India to establish a branch in India.
Mr. Lee said Woori Bank would bring in a capital of $35 million into India.
