Woori Bank announced on Oct. 7 that it has launched a global trustee business to store and manage Vietnamese investment assets since it received approval from a Vietnamese trust bank in July last year.
So far, domestic investment funds investing in Vietnam have entrusted foreign banks with their investments. With the launch of the trustee business, however, major domestic investors can receive fast and stable global trust services from Woori Bank.
Analysts say that this is the results of Woori Bank's work know-how and advanced system that it has accumulated over the past seven years while carrying out the national pension fund's stock deposit work.
Woori Bank will take the top spot for the third consecutive time in a bid for the national pension fund in September amid fierce competition among rival banks, and will carry out stock deposit business for up to five years.
“Such overwhelming performance has become a driving force for us to go beyond Korea and make inroads into the global market,” a bank official said.
By having an advanced computer system, manpower, and internal control organization to provide asset deposit services, Vietnam Woori Bank has been able to become the largest global trustee bank among domestic banks that have entered Vietnam by entrusting funds (930 billion won or $788 million) that had been kept by existing foreign banks.
A bank official said, "We will provide stable and prompt service in Vietnam through extensive trust business experience and operational know-how accumulated in Korea, including the selection of a national pension trustee bank in September. We plan to establish a competitive profit model through the launch of global trustee business in Vietnam."