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Woori Bank secures approval to merge 2 Cambodia consumer finance units

South Korea's Woori Bank received preliminary approval from Cambodian financial authorities in June to merge Woori Finance Cambodia Plc and WB Finance Co. Ltd., The Chosun Ilbo reported on Aug. 11, citing industry sources.

Woori Bank plans to complete the merger of its two consumer finance units in Cambodia into a commercial bank by the end of 2019. The merged entity will be able to meet the minimum paid-in capital requirement of US$75 million for a commercial bank in Cambodia.

Woori Bank established Woori Finance Cambodia in 2014 and WB Finance in 2018 through acquisitions of local companies.

Woori Finance Cambodia and WB Finance held assets worth US$91.8 million and US$272 million, respectively, at the end of March.