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The first South Korean bank, Uri Bank, opened in Vladivostok
To date, not a single South Korean bank has a representative office in the Far East. The opening of a branch of the first South Korean bank in Vladivostok caused a lot of positive feedback from both local companies and Korean partners.
Uri Bank CJSC is a subsidiary bank of the South Korean Woori Bank and the oldest bank in the Republic of Korea (existed since 1899). He is one of the leaders in terms of stability in the South Korean banking environment. Its capital amounts to hundreds of billions of dollars, and its clients are major Korean corporations. In 2008 the bank opened its first representative office in Moscow. In 2011 - in St. Petersburg. This year, the Korean bank turned its attention to the Far East, noting the dynamic development of the region.
According to the Consul General of the Republic of Korea in Vladivostok, Mr. Li Yang Gu, the appearance of the branch of the Korean bank is very timely. "Korea is showing great interest in the Russian Far East and at the highest level in recent years, relations are developing very well. The leaders of our countries have agreed to create an investment platform for implementing joint projects here, and I am sure that Uri Bank is such a platform. I hope that opening a branch in Vladivostok will serve not only the interests of the Korean business, but also the Russian business, " - notes the consul.
The choice of the opening place is also not accidental "Vladivostok is the most important city for the Republic of Korea in the Far East, and its mission is to be an outpost of cooperation between Russia and the united Korea," - said the Chief Executive Officer and the President of Uri Bank, Mr. Lee Song Wu, at the inauguration ceremony of the bank at the Hyunde Hotel. The President also stressed the great value of friendship with Russia for Korea, and the opening of the office is another push to strengthen this friendship.
At the moment, the target audience of the bank's branch in the Far East is primarily Korean, but also local companies. And accordingly, while Uri Bank will serve only legal entities. "There are already quite a lot of Korean companies in the Russian Far East that come here with investments. I am sure that the sphere of cooperation between Russian and Korean business will only expand, "Mr. Lee Song-Woo said.
The main goal for the future, the bank considers the creation of a full-fledged branch in Vladivostok with an operating room. The first time, the main activity will be carried out through the branch of "Uri Bank" in Moscow.
South Korean partners are actively exploring the local market and note the great potential of Vladivostok due to its geographical location - the city is the logistics center. However, in order to increase the pace of development, Vladivostok needs to attract investments from both neighboring states - China and South Korea, and from the western part of Russia.