WB Finance and Woori Finance have successfully merged into bigger and stronger deposit-taking Microfinance Institution

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WB Finance and Woori Finance have successfully merged into bigger and stronger deposit-taking Microfinance Institution

Expanding its operational networks to 136 branches across Cambodia and increase its total Assets to US$ 496 million, and outstanding loans portfolio to US$437 million.

February 17, 2020 – Phnom Penh, WB Finance Co., Ltd. and Woori Finance (Cambodia) Plc. has successfully merged into one institution under the name of “WB Finance Co., Ltd.” having granted an approval from National Bank of Cambodia and Ministry of Commerce. The merger will be a new opportunity to take a leap forward for WB Finance, making it a bigger and stronger deposit-taking Microfinance institution which is wholly owned by Woori Bank, one of the top commercial banks in Korea.

WB Finance has integrated several financial products and services including Savings, Loans, Mobile Banking and Money Transfer. All of customers’ accounts previously maintained with Woori Finance (Cambodia) Plc. has been transferred to WB Finance Co., Ltd. under the same terms and conditions.

“The merger between WB Finance and Woori Finance gives staff and management a very positive outlook on the growing financial institution where we will enhance our customer services while embracing convenient digital and innovative financial solutions to fit with modern lifestyles of our customers”, Said Mr. Kim Sun Kyu, Chief Executive Officer of WB Finance

He continued, “The successful merger won’t be possible without utmost supports from our committed management and staff of both institutions, and our shareholder, Woori Bank’s head quarter team, together with strong supports of National Bank of Cambodia, Ministry of Commerce, relevant authorities, customers, partners, and stakeholders. We sincerely thank to our prospective customers of both institutions who have been using our financial products and services. In the future, we will become a financial institution that grows with the Cambodian people by providing financial support,, launching new products such as government employees’ loans, and holding steady social contribution events.”

Ms. Top Sok Samphea, Chief Operating Officer of WB Finance said, “This is another significant milestone of WB Finance Co., Ltd. after it has been acquired by one of the largest banks in Korea, Woori Bank, in 2018, and now has been merged with Woori Finance (Cambodia) Plc. one of the outstanding Microfinance institutions in Cambodia. We have done a very inclusive merging process which takes so much efforts in order to ensure smooth transactions while maintaining best possible financial services for our customers of both institutions”

WB Finance looks forwards to serving Cambodian communities in 25 provinces and cities through its 136 branches; providing in-need financial products and services with its mission to be the leading financial institution that delivers economic potential for Cambodia to thrive.

About WB Finance Co., Ltd.
WB Finance Microfinance, holding an MDI license from National Bank of Cambodia, is one of the largest Microfinance institutions in Cambodia, and is wholly owned by Woori Bank, one of the top banks in South Korea. WB Finance has a long history in serving Cambodian communities for more than 20 years, with its wide range of financial products and services including Loans, Savings, Money Transfers, and Mobile Banking. As of the end of 2019, total assets of US$377 million, total loans portfolio of US$336 million were presented.

About Woori Finance (Cambodia) Plc.
Woori Finance Microfinance is one of outstanding Microfinance institutions in Cambodia and is a subsidiary of Woori Bank, one of the top banks in South Korea. Woori Finance has been established since 2010, and has obtained official license from National Bank of Cambodia (NBC) in early 2011. Woori Finance provides wide range of loan products through its 20 branches in Phnom Penh, Kampong Speu, and Kandal. Woori Finance has made significant growth throughout the past years and continued to provide in-need various loan products, helping its customers to expand their businesses and improve their living standard as a whole.

About Woori Bank
Woori Bank is headquartered in Seoul, South Korea established in 1899, is one of the top commercial banks in Korea with its extensive international networks across the globe, providing a wide range of commercial, retail and investment banking services through about 747 domestic branches and 451 networks in 26 countries. The year 2020 marks the 121th anniversary of Woori Bank, having maintained a history of over one hundred years. As of the third quarter of 2019, total assets of US$34 billion, total loans portfolio of US$185 billion, operating profits of US$3.9 billion and net profit of US$1.0 billion were presented.

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