[THE INVESTOR] Woori Bank has opened its Indian regional headquarters and a branch in India’s financial capital Mumbai, the bank said on Aug. 6.

The Mumbai branch is the third for Woori in India. It will mainly handle corporate finance for Korean companies and their local partners. The bank’s other two branches are in Gurugram and Chennai where Korean firms such as Samsung Electronics and POSCO are located. 

Woori Bank executives including CEO Lee Gwang-goo (fourth from left) and Indian dignitaries pose to mark the opening of the bank’s regional headquarters in Mumbai. Woori Bank

Woori Bank said with the Mumbai branch, it would accelerate efforts to open an Indian corporation. The Indian regional headquarters will oversee such activities.

Foreign banks must get approval for each branch they open in India, but to establish a foreign firm governed by Indian laws, they need only a single approval for multiple offices, according to industry experts.

Woori Bank is expected to register one of its branches -- most likely in Mumbai -- as a foreign company. It is also expected to open more branches in the cities of New Delhi, Hyderabad and Bhubaneswar to eventually open up to 20 branches over the next five years.

By Park Ga-young (gypark@heraldcorp.com)