South Korean lender Woori Bank has secured final approval from the central bank of the Philippines to acquire a 51% stake in Philippines’ Wealth Development Bank.
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The companies did not divulge financial details of the acquisition, but said that it plans to finalise the deal in the first half of 2016.
Woori Bank said that it will cooperate with Vicsal, another major shareholder of Wealth Development Bank, to explore more opportunities in Philippines’ financial market.
The takeover of Wealth Development Bank will increase Woori Bank’s overseas network to 225. Plans are on to further expand the footprint to 400 by the end of 2016, the South Korean lender said.
Wealth Development Bank operates from 16 branches, and manages $170m in assets. The bank employs more than 300 people in the Philippines.
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