South Korea’s leading Woori Bank on Sunday announced that it has officially merged its two subsidiaries in Cambodia – WB Finance Co Ltd and Woori Finance (Cambodia) Plc.

The new company – dubbed “WB Finance” – is part of Woori Bank’s plans for business expansion in the Kingdom’s crowded financial sector, it said in a statement.

The merge comes after the two institutions received approval from the National Bank of Cambodia (NBC) and the Ministry of Commerce.

The new institution is currently the Kingdom’s fifth largest savings bank, which “in the mid- to long-term, we plan to make into a commercial bank offering comprehensive financial services in Cambodia”, an Woori Bank official told Korea Times.

WB Finance will integrate several financial products and services including savings, loans, mobile banking and money transfers, it said in the statement. Customers’ accounts at Woori Finance have been transferred to WB Finance under the same terms and conditions.

WB Finance CEO Kim Sun-kyu said the merger gives staff and management a very positive outlook of the growing financial institution which aims to enhance its customer services and embrace convenient digital and innovative financial solutions to fit with the modern lifestyles of its customers.

“The successful merger would not have been possible without the utmost support from our committed management and staff at both institutions, our shareholders, the team at Woori Bank’s headquarters, backed by the strong support of the National Bank of Cambodia, the Ministry of Commerce, the relevant authorities, customers, partners and stakeholders.http://https://www.phnompenhpost.com/business/south-koreas-woori-bank-merges-cambodian-units