Woori Bank
A major South Korean commercial bank with extensive retail, corporate, international, and investment-related banking operations.
Last updated August 21, 2026
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Overview
Woori Bank is a South Korean multinational commercial bank headquartered in Seoul and a principal banking subsidiary of Woori Financial Group. It is one of the country’s four largest domestic banks, with a particularly strong position in commercial banking, corporate finance, retail banking, and services for Korean companies and individuals operating overseas. The name “Woori” derives from the Korean word for “our,” while the institution’s modern identity emerged from a long sequence of reorganizations among Korean commercial banks. The bank traces its institutional lineage to Daehan Cheon-il Bank, established in 1899. That institution was renamed Joseon Commercial Bank in 1911 and Korea Commercial Bank in 1950. Its Jongno branch occupies Gwangtonggwan in central Seoul, a historic building regarded as Korea’s oldest continuously operating bank building. The branch was designated a Seoul City Historic Landmark on March 5, 2001. The modern Woori structure was shaped by the restructuring that followed the 1997 Asian financial crisis. Korea Commercial Bank combined with Hanil Bank to form Hanvit Bank, with the Korean government becoming the dominant shareholder after a public-capital injection. Hanvit Bank subsequently merged with Peace Bank in 2001 and adopted the Woori Bank name in 2002. In 2014, Woori Bank absorbed Woori Financial Group in a corporate reorganization connected with the consolidation of the group’s banking operations. Woori provides conventional banking services to households, businesses, institutions, and public-sector or education-related organizations. Its domestic franchise includes branch banking, deposits, lending, payments, foreign exchange, remittances, and wealth-related services. Its corporate franchise supports large companies, small and medium-sized enterprises, trade finance, project and structured finance, treasury activities, and cross-border transactions. The bank’s client base includes major Korean business groups and universities, although the cited reference does not provide a complete or current customer list. Internationally, Woori operates through branches, representative offices, and subsidiaries in Asia, North America, Europe, the Middle East, and South America. Overseas activities include Korean-customer banking, corporate finance, local commercial banking, remittances, and services for Korean expatriates and businesses. Examples include Woori America Bank in the United States, Woori Bank of China, Woori Bank Russia, Woori Saudara Bank in Indonesia, and operations in Vietnam, India, Bangladesh, Cambodia, Myanmar, Singapore, Japan, the United Kingdom, Brazil, and other markets. The bank also opened a branch at the Gaeseong Industrial Complex in North Korea in 2004, described in the reference as the first foreign-bank branch in North Korea. The Korean government’s role as a major shareholder gradually declined through a lengthy privatization process. The government sold a 29.7 percent stake in November 2016, a further 9.3 percent in November 2021, and its remaining holding in March 2024. These transactions marked important steps in separating the bank from direct state ownership while preserving its place within the Woori Financial Group. Woori Bank remains an active, systemically important participant in South Korean banking, combining a large domestic branch network with a broad international footprint.
History
Woori Bank’s history begins with Daehan Cheon-il Bank, founded in 1899 during the late Joseon period. The institution was renamed Joseon Commercial Bank in 1911 and later became Korea Commercial Bank in 1950. This lineage makes Woori one of the South Korean banking institutions whose organizational history reaches back to the establishment of modern commercial banking in Korea. A visible reminder of this heritage is the bank’s Jongno branch in Gwangtonggwan, a historic Seoul building considered the oldest continuously operating bank building in Korea. The branch received designation as a Seoul City Historic Landmark on March 5, 2001. The building connects Woori’s contemporary banking operations with the development of Korea’s early financial infrastructure. The present-day bank was largely formed through financial-sector restructuring after the 1997 Asian financial crisis. Korea Commercial Bank merged with Hanil Bank to create Hanvit Bank. Because the restructuring involved a public-capital injection, the Korean government became the dominant shareholder. Hanvit Bank then merged with Peace Bank in 2001. In 2002, the combined institution adopted the Woori Bank name, creating the brand used today. The bank’s relationship with Woori Financial Group also changed over time. In 2014, Woori Bank absorbed Woori Financial Group in a corporate reorganization involving the consolidation of the parent structure. Woori Bank subsequently operated as the core banking company within the broader Woori group, whose activities extend beyond traditional deposit-taking and lending. International expansion became an important part of the bank’s operating model. Woori established or maintained branches and subsidiaries across Asia, North America, Europe, the Middle East, and South America. Its overseas network has served Korean corporations, expatriates, students, travelers, and local customers. In 2004, it opened a Gaeseong Industrial Complex branch in North Korea, an unusual cross-border banking initiative that reflected the commercial activity associated with the industrial zone at that time. The bank also expanded in India, Bangladesh, Indonesia, Vietnam, China, Japan, Singapore, the United States, and other markets. Its Indonesian operation announced a plan in 2012 to merge with Bank Saudara, later associated with the Woori Saudara structure. Domestically, Woori developed a broad branch and office network and became one of South Korea’s leading commercial banks. Its activities cover retail banking, business lending, corporate finance, trade finance, foreign exchange, remittances, payments, and institutional banking. The bank has served major Korean corporations, technology companies, business groups, research institutions, and universities. Privatization was a prolonged defining process in the bank’s recent history. The government sold a 29.7 percent block in November 2016, followed by another 9.3 percent in November 2021. Its remaining holding was sold in March 2024. These transactions reduced direct state ownership and represented the completion of a staged effort to return the bank to private ownership. Woori Bank remains active as a major South Korean commercial bank and an international banking platform within Woori Financial Group.
- 2024
Residual government holding is sold
[1]The government sells its remaining Woori Bank holding in March, completing the staged privatization process described in the reference.
- 2021
Further government stake sale
[1]The government sells an additional 9.3 percent holding.
- 2016
First major government stake sale
[1]The South Korean government sells a 29.7 percent block of Woori Bank shares.
- 2014
Woori Bank absorbs Woori Financial Group
[1]A corporate reorganization results in Woori Bank absorbing Woori Financial Group.
- 2012
Indonesian subsidiary announces Bank Saudara merger plan
[1]Bank Woori Indonesia announces a plan to merge with local institution Bank Saudara.
- 2004
Gaeseong Industrial Complex branch opens
[1]Woori opens a branch at the Gaeseong Industrial Complex in North Korea.
- 2002
Woori Bank name is adopted
[1]The consolidated bank begins operating under the Woori Bank name.
- 2001
Jongno branch receives historic-landmark designation
[1]Woori’s Jongno branch in Gwangtonggwan is registered as a Seoul City Historic Landmark on March 5.
- 2001
Peace Bank is integrated
[1]Hanvit Bank merges with Peace Bank during the post-crisis consolidation of South Korea’s banking sector.
- 1950
Renamed Korea Commercial Bank
[1]The institution adopts the name Korea Commercial Bank.
Products and positioning
A large universal-style South Korean commercial bank positioned around domestic retail and corporate banking, Korean business finance, and international services.
Consumer banking
Retail banking
Woori’s retail franchise serves individual customers through branches and other banking channels. Its typical activities include deposits, savings, personal lending, payments, remittances, foreign exchange, and related everyday banking services. The cited reference identifies retail banking as a core business area but does not provide a current product catalogue.
Business banking
Corporate banking
Corporate banking is one of Woori’s principal areas of strength in South Korea. The business supports large companies, small and medium-sized enterprises, institutional customers, working-capital needs, commercial lending, treasury activities, and broader corporate-finance requirements.
Cross-border banking
International banking
Through branches, subsidiaries, and offices abroad, Woori provides cross-border banking for Korean companies, expatriates, students, and other customers. Services can include local banking, remittances, foreign exchange, trade finance, and corporate support, although the exact offering varies by jurisdiction.
Commercial banking
Trade finance and foreign exchange
Woori’s commercial and international businesses include trade-finance and foreign-exchange activities supporting importers, exporters, multinational companies, and customers transferring funds across borders.
Brand decisions
2024
Completion of the staged privatizationM&ABackground
The government retained a residual holding after earlier sales in 2016 and 2021.
Action taken
The remaining government holding was sold in March 2024.
Aftermath
The reference describes the sale as the completion of the government’s staged reduction of ownership.
2021
Second-stage government stake reductionM&ABackground
The privatization process continued after the 2016 stake sale.
Action taken
The government sold a further 9.3 percent holding.
Aftermath
The bank moved closer to full private ownership.
2016
Beginning of the major privatization saleM&ABackground
The South Korean government had become the dominant shareholder through post-crisis public-capital support.
Action taken
The government sold a 29.7 percent block of Woori Bank shares.
Aftermath
The transaction materially reduced direct government ownership and advanced the bank’s privatization.
2004
Opening of the Gaeseong Industrial Complex branchStrategyBackground
The Gaeseong Industrial Complex created a need for financial services connected with cross-border industrial activity.
Action taken
Woori opened a branch at the complex in North Korea.
Aftermath
The branch became a notable example of Woori’s international and politically sensitive operating footprint.
2002
Adoption of the Woori Bank identityStrategyBackground
Post-crisis consolidation combined several banking institutions and created the basis for a unified commercial-bank brand.
Action taken
The consolidated institution adopted the Woori Bank name.
Aftermath
Woori became the operating identity for one of South Korea’s largest domestic commercial banks.
Sources1 sources
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