South Korean-based Woori Bank has bought out local lender VisionFund (Cambodia) for an undisclosed amount, the bank’s spokesman Daniel Chang said on Monday.

He told The Post that the firm will operate in the Kingdom as a microfinance lender under the name WB Finance.

Chang said the agreement had been approved by the National Bank of Cambodia (NBC) and registered with the Ministry of Commerce.

“Woori is committed to growing with Cambodia and plans to become a leading financial institution in the country, with the ultimate goal of becoming a commercial bank,” he said.

The bank, Chang said, will consolidate the two institutions – Woori Finance (Cambodia) and VisionFund (Cambodia) – in due course.

The NBC’s annual supervisory report said the total assets of VisionFund (Cambodia) amounted to $194 million at the end of last year.https://phnompenhpost.com/business/south-korean-based-woori-bank-buys-lender-visionfund