Woori Bank, South Korea‘s fourth-largest commercial bank by assets, said Monday it has created an office in Singapore to streamline loan evaluation of offshore units across Asia.
The office, dubbed “Asia Credit Analysis & Approval Debt Center” is designed to “improve loan approval (of offshore units) and expedite the decision-making process” of corporations in China, Vietnam and Indonesia, as well as branches in Hong Kong, India and Middle East nations, the bank said.
The bank has dispatched four in-house credit specialists from Korea to the Singapore office following a 23-week training session. The office will also house two local employees.
The center marks the first of its kind to be established by a Korean commercial bank, it added.
By Son Ji-hyoung