South Korea's Woori Bank set up an office in Singapore as part of plans to streamline the loan approval process of its overseas units, The Korea Herald reported Oct. 8, citing the bank.

Through the Asia Credit Analysis & Approval Debt Center, the bank is also seeking to expedite the decision-making process of subsidiaries in China, Vietnam and Indonesia, as well as branches in Hong Kong, India and Middle East nations.

The bank has sent four in-house credit specialists from South Korea to the Singapore office. In addition, two local employees will also work in the office.