Bank Woori Saudara to open 160th Indonesian branch

South Korea's Woori Bank announced on Wednesday its Indonesian subsidiary Bank Woori Saudara is set to open a new outpost in Pekanbaru, Sumatra's Riau Province capital. This move brings the subsidiary's total branch count in Indonesia to 160.

Since its establishment, Bank Woori Saudara has consistently showcased remarkable growth, profitability, and stability. The bank reported an impressive over 10% annual average growth rate in both assets and net profit.

Additionally, its return on equity (ROE) surpasses 10%. As of the second quarter of this year, its assets amounted to $3.6 billion, positioning it among Indonesia's top 20 banks by asset size and employing over 1,600 individuals.

Woori Bank's venture into Indonesia dates back to 1992. It solidified its presence in 2014 by merging with Saudara Bank, a retail-centric local bank, giving birth to Bank Woori Saudara.

Analysts now recognize the bank for having a well-balanced business portfolio, with corporate and personal finance each accounting for 50% of its operations.

Bank Woori Saudara's forward-looking strategy focuses on enhancing its balanced growth in both corporate and household finance.

The bank plans to improve its retail loan portfolio and expand its revenue base by expanding the sale of non-pension loans, such as personal loans for employees, car loans, and mortgages, Furthermore, it aims to amplify its corporate finance capabilities by nurturing local expertise and recruiting externally.

Meanwhile, Bank Woori Saudara was lauded as the Best Bank for an unprecedented 28th consecutive year by InfoBank Magazine, a leading Indonesian financial publication, in August.

Write to Eui-Jin Jeong at justin@hankyung.com