Latest news with #WooriBank
Korea Herald
2 days ago
- Business
- Korea Herald
Woori Bank opens first Korean bank branch in Texas
Woori Bank, a banking subsidiary of Woori Financial Group, said Sunday its US arm has opened a branch in Austin, Texas, becoming the first Korean bank to establish a presence in the city. The new branch will provide core financial services such as account opening, remittances and lending to help Korean companies settle in the southern US. It will also leverage networks in accounting, tax and legal services to assist with establishing local subsidiaries and serve Korean expatriates, the bank explained. 'Launching the first branch in the city as a Korean bank, where many Korean companies have taken root, carries significant meaning,' a Woori Bank official said, pledging continued support for the Korean business community in the southern US. The lender noted that the move also comes as capital investment from South Korea into the US is expected to increase, ahead of the Aug. 25 summit between President Lee Jae Myung and US President Donald Trump. Austin, home to about 15,000 Korean residents, has become a hub for advanced industries such as semiconductors and artificial intelligence. For instance, Samsung Austin Semiconductor has operated in the city for more than three decades, while Samsung Electronics is building a new chip plant in Taylor, Texas. The Austin branch is Woori's second in Texas after Dallas, and its third in the US South, including a location in Duluth, Georgia.
![[Photo News] APEC 2025 collector coins](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F08%2F14%2Fnews-p.v1.20250814.ff0c061099044c1a8ca1f2a1ef8ace9a_T1.jpg&w=3840&q=100)
Korea Herald
5 days ago
- Business
- Korea Herald
[Photo News] APEC 2025 collector coins
The Bank of Korea will issue two commemorative coins on Sept. 9 to celebrate Korea's hosting of the APEC 2025 summit in Gyeongju, North Gyeongsang Province. The coins are designed to symbolize economic strength and regional cooperation. Reservations run Sept. 8–26 via KOMSCO, Woori Bank and NongHyup Bank. (The Bank of Korea)
![[Photo News] Woori Bank's dealing room revamped](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F08%2F04%2Fnews-p.v1.20250804.c704de0b1cdf4ce2ab03fad51a105966_T1.jpg&w=3840&q=100)
Korea Herald
04-08-2025
- Business
- Korea Herald
[Photo News] Woori Bank's dealing room revamped
Woori Bank CEO Jung Jin-wan (center) poses with company officials during a ceremony marking the renewal of the bank's global dealing room at its headquarters in central Seoul on Monday. The revamped facility now includes a new electronic display and ticker board for real-time monitoring of global markets. The renovation comes as Woori Bank steps up its foreign exchange operations. Last year, it launched the digital trading platform 'Woori Won FX' and established a dedicated foreign exchange desk at its London branch. (Woori Bank)
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.
