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Report: Woori Bank to launch Cambodia bank

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Report: Woori Bank to launch Cambodia bank

South Korea's Woori Bank plans to convert unit Woori Finance Cambodia Plc into a commercial bank by combining it with another Cambodian unit, WB Finance Co. Ltd., in 2019, the Asia Business Daily reported Sept. 4, citing industry sources.

Woori Bank is seeking to move into commercial banking due to the changing operating environment of microcredit finance in Cambodia, where regulators are limiting microcredit providers' maximum lending rates at 18%.

Woori Bank's South Korean rivals KB Kookmin Bank and Shinhan Bank Co. Ltd. already have commercial bank units in Cambodia.