Woori Bank enters Philippine market with acquisition of local lender

It has acquired a thrift bank.

South Korea's second-largest bank by assets revealed that it has entered the Philippine market, following the acquisition of a 51% stake in local lender Wealth Development Bank.

Woori Bank said in a statement that it has received final approval from the Bangko Sentral ng Pilipinas (BSP) for the acquisition. The size of he deal was not disclosed.

Wealth Development Bank has USD170 million in assets and has 16 branches in the Philippines. Woori said that it is looking for more opportunities in the Philippine market through partnerships with Wealth Development Bank's other major shareholder, Viscal Financial.