South Korea's Woori Bank is preparing to expand its presence in India with two additional branches slated to open in Pune and Ahmedabad during the first half of next year. The bank has received preliminary approval from the Reserve Bank of India for this expansion, which will increase its total branches in the country to five.
The new locations have been strategically chosen to leverage Pune's significant role in the western automobile industry and Ahmedabad's status as an export hub hosting the world's largest petrochemical complex. These cities are home to numerous local and global manufacturers, including Korean companies like POSCO (NYSE:PKX), a steel giant, and LG Electronics.
Ahmedabad also boasts India's biggest port, 224 large industrial complexes, and 26 free economic zones. Woori Bank plans to tap into these assets by identifying and financing promising local Indian firms. Recognizing India as a major beneficiary of global supply chain realignment, the bank views the country as a vibrant emerging market attracting substantial investments.
This expansion comes on the heels of an 8.4% decrease in net income to 2.43 trillion won ($1.79 billion) from the previous year for Woori Bank. Nevertheless, it remains committed to its growth strategy in India. The new branches will join the bank's existing offices in Chennai, opened in 2012, and in Gurgaon (Delhi) and Mumbai, opened in 2017.
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