CHENNAI (NNN-Bernama) -- Korean Bank "Woori" has opened its maiden branch in south Indian city Chennai as part of its plans to tap the growing domestic market, according to Press Trust of India (PTI).
"Woori Bank's Chennai branch would be the maiden branch in India and would be the head office for our banking in the country," Soon Woo Lee, President and CEO of Woori Bank said here.
The bank would focus on assistance in corporate banking sector in India, especially the Korean companies which have entered the market ahead of it, Lee said.
There are over 170 Korean business companies based in and around Chennai, the state capital of Tamil Nadu, and the arrival of new bank would make their financial transactions easier, he said.
"Later, we will focus on localisation accommodating to the needs of the
locals - Indian companies and customers," he said.
Woori Bank has initially infused a capital of US$35 million into India, he said.
While, RBI regional director N.S.Vishwanathan said, "Woori Bank will be the second foreign bank after the Bank of Ceylon that the RBI Chennai will be directly regulating and monitoring."-- NNN-BERNAMA
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