South Korea-based Woori Bank plans to increase the number of overseas branches to 500 from 281 currently through 2018, while scaling down its domestic branch network, The Financial News reported Dec. 1, citing Sohn Tae-seung, the lender's newly confirmed president and CEO.
Sohn also said that the bank will pursue nonbank M&A to grow into a full-service financial group by 2020.
Meanwhile, the bank executive noted that the timing for the government's disposal of its remaining shareholding in the lender, held by Korea Deposit Insurance Corp., remains uncertain.
