Latest news with #WooriBank
Korea Herald
07-05-2025
- Business
- Korea Herald
Woori plans to use Poland branch to support Ukraine's postwar recovery
The head of Woori Bank aims to position the bank's newly launched branch in Poland as a strategic outpost to Eastern Europe and beyond, particularly in supporting Korean companies likely to be involved in Ukraine's postwar reconstruction. Woori Bank CEO Jung Jin-wan expressed strong interest in partnering with state-run Korea Water Resources Corporation, or K-water, to play a leading role in rebuilding Ukraine's water infrastructure, a critical need in the aftermath of the war. 'The most urgent requirement after the war is water infrastructure,' Jung said during a press briefing at the Asian Development Bank's annual meeting in Milan, Italy, Sunday. 'Our new branch in Poland, located right next to Ukraine, is not just another overseas office. It's a core part of our long-term global strategy.' In November 2023, K-water signed a memorandum of understanding with the Ukrainian city of Bucha to cooperate on recovery efforts, including the restoration of its water facilities. 'Even if housing and industrial complexes are rebuilt, water remains essential — not only for irrigation but also for food and beverage production,' Jung said. 'K-water, with its globally recognized technology, will be instrumental in redeveloping Ukraine's infrastructure. They have already made significant preparations on the ground.' In March, Woori Bank became the first Korean bank to open a branch in Warsaw, the capital of Poland. As Korean companies continue to increase their presence in the region, Woori Bank sees an opportunity to support their financial needs and help shape Poland as a financial gateway to Eastern Europe. With an average economic growth rate of 2.8 percent over the past three years, Poland is experiencing rising financial demand, fueled in part by the expansion of Korean manufacturing and mid-sized enterprises into Eastern Europe. Major Korean companies — including Hanwha Aerospace, Hyundai Rotem, Korea Aerospace Industries, Samsung Electronics, LG Electronics, Hyundai Motor, and Kia —have already established operations in Warsaw. The new Polish branch will oversee Woori Bank's business across Eastern Europe, including activities in Hungary, the Czech Republic, Slovakia and Romania.
Korea Herald
29-04-2025
- Business
- Korea Herald
Monthly rentals hit record 64.6% of Seoul housing leases as 'jeonse' system fades
Monthly rental contracts now make up nearly 65 percent of all new housing leases in Seoul, reaching a record high as South Korea's traditional lump-sum rental system, "jeonse," continues to disappear. According to the latest data by the Supreme Court's Integrated Registration Information System, Seoul registered 233,958 residential lease contracts between January and March this year. Of those, 151,095 — roughly 64.6 percent — were monthly rental deals, the highest share since data collection began in 2014. Jeonse is a system unique to South Korea where tenants pay a large upfront deposit instead of monthly rent, usually recovering the full amount at the end of the lease. But confidence in this system was deeply shaken after a series of fraud cases in 2022 aimed at swindling tenants' deposits. More than 40,000 cases of jeonse fraud claims have been reported since June 2023. The shift away from jeonse was first mainly in nonapartment properties such as villas, but market data shows it is now increasingly affecting apartments, the mainstay of Korean housing, as well. In 2021, monthly rentals made up just over 40 percent of total home leases. That climbed to nearly 60 percent by 2023, and crossed into the mid-60 percent range this year. Tightened eligibility rules for deposit insurance, meant to protect tenants, have also nudged landlords to prefer monthly rents over high-risk jeonse deposits. Since May 2023, only homes with deposits up to 126 percent of the government-assessed value qualify for insurance, down from 150 percent. As for apartment homes, an analysis by Woori Bank's WM Sales Strategy Department showed that nationwide, 44.2 percent of lease contracts in January and February were monthly rentals — up from 42.2 percent in 2024. In Seoul, monthly contracts for apartments reached 51.1 percent, surpassing jeonse for the first time. Higher jeonse prices and still-elevated interest rates on housing loans are also pushing many renters to favor monthly payments. Seoul's apartment jeonse prices have risen for 12 straight weeks, according to the Korea Real Estate Board, with no signs of cooling.
Korea Herald
09-04-2025
- Business
- Korea Herald
Polish lawyer rediscovers Korean heritage at Woori Bank
At Woori Bank's first Warsaw branch, deputy manager Mateusz Ordyk brings his Korean roots to the forefront of the leander's European growth Mateusz Ordyk brings more than just executive expertise to South Korean lender Woori Bank's new chapter in Poland — he carries a personal history that bridges two nations. 'I was born in Poland, but my roots trace back to Korea,' Ordyk said. 'I hope to serve as a bridge that brings the two countries closer together.' Ordyk, a lawyer-turned-banking executive, joined Woori Bank's newly opened Warsaw branch as deputy branch manager, taking charge of compliance and overseeing the bank's internal controls, including anti-money laundering efforts. The Korean lender launched the branch on March 31, becoming the first Korean bank to establish operations in Poland. Ordyk's presence adds symbolic weight to Woori Bank's expansion into the country as a descendant of a Korean family with deep historical ties. His great-grandfather, Kim Byeong-jun, served as a police officer during the Korean Empire, the country's final monarchy era, which lasted from 1897 until 1910. Historical records show that in December 1897, King Gojong appointed Kim to a "Senior Rank 3" at the police department — a commissioner-level position of considerable authority over national security and law enforcement. Following Japan's annexation of Korea in 1910, Kim was among many Koreans who left the country, eventually settling in Russia. His descendants later spread across Europe, with his great-grandson, Ordyk, born in Poland in 1978. Ordyk's connection to Woori is all the more meaningful, given the bank's origins. Woori traces its roots back to the Commercial Bank of Korea, the country's first-ever bank, founded in 1899 by King Gojong. The king personally financed the bank's launch as part of efforts to modernize Korea's economy and support local merchants. During the Korean Empire, the bank also served as the country's central bank. Surviving Japan's colonial rule and Korea's turbulent post-war years in various forms, the Commercial Bank of Korea ultimately became the predecessor to Hanvit Bank, established in 1999. Hanvit was later rebranded as Woori Bank in 2002. Today, Woori officially marks January 30, 1899 — the founding date of the Commercial Bank of Korea — as its beginning. "I grew up hearing stories about Korea. It means so much to now be able to work for a Korean bank that represents that heritage," Ordyk said. Woori Bank's Warsaw branch is expected to serve as a key base for the Korean lender's European expansion, overseeing operations across Eastern Europe. The branch aims to support Korean companies operating in the region, as more firms turn to Poland amid its growing role as Europe's manufacturing hub and gateway to the East. "It's especially meaningful to uncover this historical connection in a year that marks the 80th anniversary of Korea's independence, as Woori Bank steps up efforts to expand its presence across Europe," said Lee Jung-woo, manager of the Warsaw branch. "We look forward to Ordyk's role in deepening ties between Korea and Poland."
Korea Herald
09-04-2025
- Business
- Korea Herald
Polish lawyer rediscovers Korean heritage at Woori Bank's first Warsaw branch
Mateusz Ordyk connects Korean roots with Woori Bank's European expansion Mateusz Ordyk brings more than just executive expertise to South Korean lender Woori Bank's new chapter in Poland — he carries a personal history that bridges two nations. 'I was born in Poland, but my roots trace back to Korea,' Ordyk said. 'I hope to serve as a bridge that brings the two countries closer together.' Ordyk, a lawyer-turned-banking executive, joined Woori Bank's newly opened Warsaw branch as deputy branch manager, taking charge of compliance and overseeing the bank's internal controls, including anti-money laundering efforts. The Korean lender launched the branch on March 31, becoming the first Korean bank to establish operations in Poland. Ordyk's presence adds symbolic weight to Woori Bank's expansion into the country as a descendant of a Korean family with deep historical ties. His great-grandfather, Kim Byeong-jun, served as a police officer during the Korean Empire, the country's final monarchy era, which lasted from 1897 until 1910. Historical records show that in December 1897, King Gojong appointed Kim to a "Senior Rank 3" at the police department — a commissioner-level position of considerable authority over national security and law enforcement. Following Japan's annexation of Korea in 1910, Kim was among many Koreans who left the country, eventually settling in Russia. His descendants later spread across Europe, with his great-grandson, Ordyk, born in Poland in 1978. Ordyk's connection to Woori is all the more meaningful, given the bank's origins. Woori traces its roots back to the Commercial Bank of Korea, the country's first-ever bank, founded in 1899 by King Gojong. The king personally financed the bank's launch as part of efforts to modernize Korea's economy and support local merchants. During the Korean Empire, the bank also served as the country's central bank. Surviving Japan's colonial rule and Korea's turbulent post-war years in various forms, the Commercial Bank of Korea ultimately became the predecessor to Hanvit Bank, established in 1999. Hanvit was later rebranded as Woori Bank in 2002. Today, Woori officially marks January 30, 1899 — the founding date of the Commercial Bank of Korea — as its beginning. "I grew up hearing stories about Korea. It means so much to now be able to work for a Korean bank that represents that heritage," Ordyk said. Woori Bank's Warsaw branch is expected to serve as a key base for the Korean lender's European expansion, overseeing operations across Eastern Europe. The branch aims to support Korean companies operating in the region, as more firms turn to Poland amid its growing role as Europe's manufacturing hub and gateway to the East. "It's especially meaningful to uncover this historical connection in a year that marks the 80th anniversary of Korea's independence, as Woori Bank steps up efforts to expand its presence across Europe," said Lee Jung-woo, manager of the Warsaw branch. "We look forward to Ordyk's role in deepening ties between Korea and Poland."
Korea Herald
26-03-2025
- Business
- Korea Herald
Woori Bank launches job matching service for foreign residents
Korean lender Woori Bank announced Wednesday that it has signed a memorandum of understanding with JobKorea, a leading job search platform, to provide job-matching services for foreign nationals residing in Korea. The initiative includes joint marketing efforts, sharing of job-related information and enhanced online service support. JobKorea's KLiK platform, which features real-time job postings, is now integrated into Woori Bank's Woori WON Global app. The app offers financial and lifestyle services in 17 languages, including transfers, remittances and registered mail tracking. Woori Bank expects approximately 300,000 new foreign users to benefit from the service. The two companies plan to expand their offerings to support global talent in Korea. 'Through this initiative, we aim to help our foreign customers overcome language barriers and access job opportunities with more ease,' a Woori Bank official said. 'With the number of foreign nationals in Korea exceeding 2.65 million, we remain committed to providing tailored financial services to meet their needs.'
