WF » Topics » International Banking

This excerpt taken from the WF 20-F filed Jun 26, 2009.

International Banking

Primarily through Woori Bank, we engage in various international banking activities, including foreign exchange services and dealing, import and export-related services, offshore lending, syndicated loans and foreign currency securities investment. These services are provided primarily to our domestic customers and overseas subsidiaries and affiliates of Korean corporations. We also raise foreign currency funding through our international banking operations. In addition, we provide commercial banking services to retail and corporate customers in select overseas markets.

The table below sets forth certain information regarding our foreign currency assets and borrowings:

 

     As of December 31,
     2006    2007    2008
     (in millions of US$)

Total foreign currency assets

   US$ 14,902    US$ 18,603    US$ 21,252

Foreign currency borrowings

        

Call money

     962      991      2,318

Secured borrowings

     —        —        —  

Long-term borrowings

     5,690      6,226      5,670

Short-term borrowings

     7,736      7,678      7,733
                    

Total foreign currency borrowings

   US$ 14,388    US$ 14,895    US$ 15,721
                    

 

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The table below sets forth the overseas subsidiaries and branches of Woori Bank currently in operation as of December 31, 2008.

 

Business Unit(1)

   Location

Subsidiaries

  

Woori America Bank

   United States

P.T. Bank Woori Indonesia

   Indonesia

Woori Global Markets Asia Limited

   China (Hong Kong)

Woori Bank (China) Limited

   China

Zao Woori Bank

   Russia

Branches, Agencies and Representative Offices

  

London Branch

   United Kingdom

Tokyo Branch

   Japan

Singapore Branch

   Singapore

Hong Kong Branch

   China (Hong Kong)

Shanghai Branch

   China

Bahrain Branch

   Bahrain

Dhaka Branch

   Bangladesh

Hanoi Branch

   Vietnam

Ho Chi Minh City Branch

   Vietnam

Gaeseong Industrial Complex Branch

   North Korea

New York Agency

   United States

Los Angeles Agency

   United States

New Delhi Representative Office

   India

 

(1)

Does not include subsidiaries and branches in liquidation or dissolution.

In addition, Woori America Bank currently operates 18 branches in New York, New Jersey, Maryland, Virginia, Pennsylvania and California and provides retail and corporate banking services targeted towards the Korean-American community. Woori America Bank had total assets of US$1,074 million as of December 31, 2008 and net income of US$5 million in 2008.

The principal activities of the overseas branches and subsidiaries of Woori Bank are providing trade financing and local currency funding for Korean companies and Korean nationals operating in overseas markets as well as servicing local customers and providing foreign exchange services in conjunction with our headquarters. On a limited basis, such overseas branches and subsidiaries of Woori Bank also engage in the investment and trading of securities of foreign issuers.

In November 2007, Woori Bank established a local subsidiary in China, Woori Bank (China) Limited, which currently has branches (including one sub-branch) in Beijing, Shanghai, Shenzhen and Suzhou. Woori Bank also established a local subsidiary in Russia, Zao Woori Bank, in January 2008. In addition, we have in recent years entered into various memoranda of understanding and strategic alliances with local banks in overseas markets, including China and Vietnam, in order to pursue business cooperation activities in such markets such as joint marketing efforts and information exchange.

This excerpt taken from the WF 20-F filed Jun 27, 2006.

International Banking

 

Primarily through Woori Bank, we engage in various international banking activities, including foreign exchange services and dealing, import and export-related services, offshore lending, syndicated loans and foreign currency securities investment. These services are provided primarily to our domestic customers and overseas

 

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subsidiaries and affiliates of Korean corporations. We also raise foreign currency funding through our international banking operations. In addition, we provide commercial banking services to retail and corporate customers in select overseas markets.

 

The table below sets forth certain information regarding our foreign currency assets and borrowings:

 

     As of December 31,

     2003

   2004

   2005

     (in millions of US$)

Total foreign currency assets

   US$ 14,331    US$ 14,135    US$ 14,634

Foreign currency borrowings

                    

Call money

     286      162      109

Secured borrowings

     964      407      —  

Long-term borrowings

     3,190      3,604      3,314

Short-term borrowings

     3,467      4,462      5,505
    

  

  

Total foreign currency borrowings

   US$ 7,907    US$ 8,635    US$ 8,929
    

  

  

 

The table below sets forth our overseas subsidiaries and branches currently in operation as of December 31, 2005.

 

Business Unit (1)


   Location

Subsidiaries

    

Woori America Bank

   United States

P.T. Bank Woori Indonesia

   Indonesia

Branches, Agencies and Representative Offices

    

London Branch

   United Kingdom

Tokyo Branch

   Japan

Singapore Branch

   Singapore

Beijing Branch

   China

Hong Kong Branch

   China

Shanghai Branch

   China

Shenzhen Branch

   China

Bahrain Branch

   Bahrain

Dhaka Branch

   Bangladesh

Hanoi Branch

   Vietnam

Gaeseong Industrial Complex Branch

   North Korea

New York Agency

   United States

Los Angeles Agency

   United States

Ho Chi Minh City Representative Office

   Vietnam

Moscow Representative Office

   Russia

(1) Does not include subsidiaries and branches in liquidation or dissolution.

 

In addition, Woori America Bank currently operates 14 branches in New York, New Jersey, Virginia, Pennsylvania and California and provides retail and corporate banking services targeted towards the Korean-American community. Woori America Bank had total assets of US$813 million as of December 31, 2005 and net income of US$10 million in 2005. In September 2003, Woori America Bank acquired and merged with Panasia Bank N.A. in the United States from National Penn Bancshares Inc. for US$34.5 million in cash. Panasia Bank was established in 1993 as the first Asian-American owned lender in the United States and was one of the largest banks specializing in service to the Korean-American community in the eastern United States.

 

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The principal activities of our overseas branches and subsidiaries, all of which are branches and subsidiaries of Woori Bank, are providing trade financing and local currency funding for Korean companies and Korean nationals operating in overseas markets and providing foreign exchange services in conjunction with our headquarters. On a limited basis, our overseas branches and subsidiaries also engage in the investment and trading of securities of foreign issuers.

 

In July 2003, Woori Bank entered into a memorandum of understanding with the Industrial and Commercial Bank of China to undertake a joint marketing effort to corporate clients who are expanding their business potential in the region, as well as to promote information exchange between the two institutions.

 

This excerpt taken from the WF 20-F filed Jun 30, 2005.

International Banking

 

Primarily through Woori Bank, we engage in various international banking activities, including foreign exchange services and dealing, import and export-related services, offshore lending, syndicated loans and foreign

 

67


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currency securities investment. These services are provided primarily to our domestic customers and overseas subsidiaries and affiliates of Korean corporations. We also raise foreign currency funding through our international banking operations. In addition, we provide commercial banking services to retail and corporate customers in select overseas markets.

 

The table below sets forth certain information regarding our foreign currency assets and borrowings:

 

     As of December 31,

     2002

   2003

   2004

     (in millions of US$)

Total foreign currency assets

   US$ 13,886    US$ 14,331    US$ 14,135

Foreign currency borrowings

                    

Call money

     129      286      162

Secured borrowings

     864      964      407

Long-term borrowings

     1,986      3,190      3,604

Short-term borrowings

     3,667      3,467      4,462
    

  

  

Total foreign currency borrowings

   US$ 5,653    US$ 7,907    US$ 8,635
    

  

  

 

The table below sets forth our overseas subsidiaries and branches currently in operation as of December 31, 2004.

 

Business Unit (1)


   Location

Subsidiaries

    

Woori America Bank

   United States

P.T. Bank Woori Indonesia

   Indonesia

Branches, Agencies and Representative Offices

    

London Branch

   United Kingdom

Tokyo Branch

   Japan

Singapore Branch

   Singapore

Beijing Branch

   China

Hong Kong Branch

   China

Shanghai Branch

   China

Bahrain Branch

   Bahrain

Dhaka Branch

   Bangladesh

Hanoi Branch

   Vietnam

Gaesung Industrial Complex Branch

   North Korea

New York Agency

   United States

Los Angeles Agency

   United States

Ho Chi Minh City Representative Office

   Vietnam

Moscow Representative Office

   Russia

(1) Does not include subsidiaries and branches in liquidation or dissolution.

 

In addition, Woori America Bank currently operates 12 branches in New York, New Jersey and California and provides retail and corporate banking services targeted towards the Korean-American community. Woori America Bank had total assets of US$698 million as of December 31, 2004 and net income of US$7.5 million in 2004. In September 2003, Woori America Bank acquired and merged with Panasia Bank N.A. in the United States from National Penn Bancshares Inc. for US$34.5 million in cash. Panasia Bank was established in 1993 as the first Asian-American owned lender in the United States and was one of the largest banks specializing in service to the Korean-American community in the eastern United States. Panasia Bank had total assets of US$214 million as of December 31, 2002 and net income of US$2 million in 2002 and operated six branches located in New Jersey, Pennsylvania and Virginia.

 

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The principal activities of our overseas branches and subsidiaries, all of which are branches and subsidiaries of Woori Bank, are providing trade financing and local currency funding for Korean companies and Korean nationals operating in overseas markets and providing foreign exchange services in conjunction with our headquarters. On a limited basis, our overseas branches and subsidiaries also engage in the investment and trading of securities of foreign issuers.

 

In July 2003, Woori Bank entered into a memorandum of understanding with the Industrial and Commercial Bank of China with respect to cooperation in international settlements and high-level human resource exchanges.

 

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