The State Bank of Vietnam has agreed in principle to allow South Korea’s Woori Bank to open a wholly owned unit in the country. The central bank said Woori Bank would need to complete the necessary paperworksbefore receiving a license to open the division. The central bank has approved a list of proposed executives for the unit. Woori Bank would be the second Korean bank to open a wholly unit in Vietnam, after Shinhan Financial Group and the sixth foreign bank. The others are Australia & New Zealand Banking Group, Hong Leong Bank Bhd., HSBC Holdings PLC and Standard Chartered PLC. South Korea and Vietnam has strong bilateral trade relationships. The central bank said Woori Bank would need to complete the necessary paperwork before receiving a license to open the division, adding that it has approved a list of proposed executives for the unit.
