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Report: Woori Bank nears deal to acquire bank in India, Vietnam

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Report: Woori Bank nears deal to acquire bank in India, Vietnam

South Korea's Woori Bank is close to striking a deal to acquire a bank in either India or Vietnam, The Chosun Ilbo reported June 8, citing industry sources.

The bank is expected to wrap up negotiations this month to buy a bank in either India or Vietnam. The bank currently operates 303 branches in 25 countries abroad with 80% of its overseas presence concentrated in Southeast Asia.

The report did not provide information about the negotiations, parties or target banks.

Woori Bank already has a presence in both India and Vietnam. It opened its Indian regional headquarters and a branch in Mumbai in August 2017, according to a report from The Investor. Earlier in November 2016, it set up a subsidiary in Vietnam.